ORFs (Operational Risk Frameworks) are now part most big banks’ management of their operational risk.  But they’re not the panacea for all a firm’s operational risk, mostly because they are far too subjective and also struggle to predict the magnitude of a potential loss, for much of the same reasons that operational loss models have lost credibility in the last few years.  But having said all that, they’re better than having not structured framework to assess the operation of process and controls.  Here’s a paper on the topic.