Under the Advanced Measurement Approach of the Basel II Accord, banks are required to measure their total annual operational risk exposures at the 99.9th percentile of the loss distribution. Meeting this measurement standard, given the amount of operational loss data that is currently available from either internal or external sources is extremely challenging. Furthermore some difficulties arise in applying the Loss Distribution Approach to computing operational risk exposures, as well as in validating the capital models. Finding many of these problems insurmountable, a possible way forward is to suggest some changes to the regulatory framework that could, at least partially, circumvent these difficulties.