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Search for and Downloading Resources Jenny Janca Walden July 18, Part Brief Analysis of Article This article assists on the definition of strategic risk management (“SRM”) and its relationship with Enterprise Risk Management (“ERM”). It also discusses the critical steps in implementing SRM practices within an organization as well as a brief assessment of ERM and the importance of developing practices within an organization. Part 2This article discusses Strategic Risk Management (“SRM”) and its relationship with Enterprise Risk Management (“ERM”).

The authors, Mark Frigo and Richard Anderson are both experts in the strategic risk management area. Mark Frigo is the director of the Center for Strategy, Execution and Valuation and the Strategic Risk Management Lab in Kellstadt Graduate School of Business and Ledger. Richard Anderson is a Clinical Professor at the Center for Strategy, Execution and Valuation and the Strategic Risk Management Lab at DePaul University. This article explains the dependencies between SRM and ERM and provides solid research along with additional readings for someone wanting to learn more about the two methodologies.

The article is well organized and provides excellent examples of how SRM is a more detailed task that needs to be performed as part of an ERM organization. The article clearly lays out the relationship between the two methods and lays out key steps and principles in developing SRM in an organization. In conclusion, I found this article to be very insightful. It provides detail information about the differences between SRM and ERM. It also clearly lays out that in order for SRM to be successfully implemented in an organization, a well laid out ERM needs to be in place and supported by management.

It provides the necessary resources to know how the authors arrived with their suggestions. The additional resources were also helpful in trying to gain more knowledge in the field of risk management. Part 3 In “What is Strategic Risk Management,” Mark L. Frigo and Richard J. Anderson explain the differences between Strategic Risk Management (“SRM”) and its relationship with Enterprise Risk Management (“ERM”). According to the authors, SRM is the detail and task-oriented process for identifying risks that can impede an organizations strategic objective (Frigo, M.L. and Anderson, R.J., April 2011).

ERM is the over-riding process the organization goes through to identify and achieve strategic risk management. The article states that in order to be successful implementing SRM, an organization must have in place a supported ERM infrastructure, whereby executive management supports and understands the value. The main reason being is that organizations need to be able to understand and be able to justify the over-riding costs that come with the implementation of SRM. In the current economic climate, it is crucial that value of an initiative to an organization is communicated by actual monetary savings.

Research has shown that less than one-half of companies have invested in risk management (Beasley, M.S. and Frigo, M.L., May 2008). In addition, the article uses relevant and recent research from other authors, to conclude that SRM is an immature process in many organizations. This is due to the limited budget and funding that is available in the current economic climate. Research shows that SRM is often cut in budget decision-making. For this reason, the authors lay out clear steps and principles for achieving SRM in the organization.

The first step identified is to understand the maturity of the organization. Is the organization ready to accept and move forward with a process for reviewing and identifying its risk environment? In addition, the organization must be ready to incorporate this strategic risk assessment, evaluation, and monitoring as part of its overall day-to-day operations (Frigo, M.L. and Anderson, R.J., 2011). ReferencesBurkholder, G.J. (2010). Tips for Effective Online Composition and Communication. Retrieved from Walden University Online Classroom: http://sylvan.live.ecollege.

comFrigo, Mark L; Anderson, Richard J. (Apr. 2011). Strategic Management. Retrieved July 18, 2011 from Walden University Online Library.Watkins, R., & Corry, M. (2011). E-learning companion: A student’s guide to online success (Laureate Education, Inc., custom 3rd ed.). Mason, OH: Cengage Learning.Mark S. Beasley and Mark L. Frigo. (May 2080). “Strategic Risk Management: Creating and Protecting Value,” Strategic Finance.Frigo, Mark L; Anderson, Richard J. (2011). Embracing Enterprise Risk Management: Practical Approaches for Getting Started, COSO.