In public debt management department, the components of risk such as market risk, credit risk, refinancing risk and liquidity risk are relatively well known; the operational risk is however, less known and an area that has not been given much attention by government debt managers in developing a risk management framework. This paper highlights the operational risk approaches as applied to public debt department and attempts to present a framework for debt managers to manage operational risks while undertaking public debt management operations. Developing an operational risk management framework can be an evolutionary process as it will take time and effort not only to identify and understand the risks but also the mitigation techniques in an environment that is constantly changing. There is no need to try to do everything perfectly from the outset. This article shows that the operational risk management framework can be developed and applied incrementally as techniques improve and staff begins to understand the risks and the mitigation technique of public debt management.