In this paper we investigate the application of High Reliability Theory (HRT) to the field of operational risk management. In particular, we illustrate how HRT can contribute to the analysis of the risks associated with the Incident Management process at the IT department of a large European financial institution. We examine the characteristics of an organizational context that favor high reliability of IT processes. Through a detailed analysis of interactive complexity and tight-coupling as determinants of reliability, and based on empirical qualitative data, we are able to propose solutions and techniques to deal with risk. Based on these findings, we argue that HRT may indeed serve as a suitable theoretical framework for conducting comprehensive risk analysis and management.