The Board of Governors of the Federal Reserve System and the other federal banking agencies1 are issuing the attached Interagency Guidance on the Advanced Measurement Approaches for Operational Risk to address and provide clarity on implementation issues related to the advanced measurement approaches (AMA) in the agencies’ advanced capital adequacy framework (advanced approaches rule).2 Since the guidance only applies to banking organizations that are required to adopt the advanced approaches or have opted to do so, it generally will not be applicable to community banking organizations. The guidance discusses certain common implementation issues and challenges, as well as key considerations for addressing these challenges in order to implement a satisfactory AMA framework.