Within the pecking order of the hedge fund world, operational risk professionals have traditionally been thought of as being low on the totempole. Indeed, many hedge fund investment professionals have at one point or another held the view that  operational risk management is one of life’s necessary evils and merely a distraction from the “real” business of investing. Yet, ask any hedge fund investor his or her thoughts on the importance of operational due diligence, and you will likely receive a much different response. This book, in part, attempts to reconcile this difference of opinion, by detailing the motivations for comprehensive operational due diligence and outlining a flexible framework to diagnose a hedge fund’s operational risks.