In the last decade public authorities have put many global and local regulations for financial institutions into practice. Several of these regulations concern operational IT risks of financial institutions. For financial institutions using the Advanced Measurement Approach operational risk is important to calculate their minimum capital requirements. The objective of this paper is to provide a comprehensive literature review concerning operational risks, regulations and financial institutions. 37 scientific articles were analyzed and categorized by Basel II operational risk definition. Research gaps were identified in particular regarding the role of IT to balance of minimum capital requirements, the use of operational risk information systems and the discovery of toxic combinations of privileges within and outside of IT systems and services.