Hybridized Professional Groups and Institutional Work: COSO and the Rise of Enterprise Risk Management

62 Pages Posted: 16 Jan 2014 Last revised: 16 Jul 2014

See all articles by Christie Hayne

Christie Hayne

University of Illinois at Urbana-Champaign

Clinton Free

UNSW Australia Business School, School of Accounting

Abstract

The rise of risk management represents one of the major organizational shifts of the past decade. This article examines the emergence and diffusion of the dominant standard in the field, the Enterprise Risk Management – Integrated Framework, first published by the Committee of Sponsoring Organizations in 2004. Drawing on a range of interviews with key stakeholders and an analysis of secondary materials, we find evidence of numerous forms of institutional work including theorizing, rhetorical appeals, mythologizing, constructing normative networks and educating. The diaspora of associated entities provided a key platform for advocating and promoting the ERM technology and provided a stable and influential network of support. Our analysis suggests that, as a large, multi-faceted hybridized professional group, COSO was able to bridge conventional diffusion categories of disruption, creation and maintenance. We argue that the notion of institutional work offers a useful lens for examining the diffusion of innovations in accounting research.

Keywords: Risk management; COSO; Hybridized professional groups; Diffusion; Institutional work

Suggested Citation

Hayne, Christie and Free, Clinton, Hybridized Professional Groups and Institutional Work: COSO and the Rise of Enterprise Risk Management. Accounting, Organizations and Society, Vol. 39, No. 5, 2014, Available at SSRN: https://ssrn.com/abstract=2379548 or http://dx.doi.org/10.2139/ssrn.2379548

Christie Hayne (Contact Author)

University of Illinois at Urbana-Champaign ( email )

1206 South Sixth Street
Champaign, IL 61820
United States
540-300-4577 (Phone)

Clinton Free

UNSW Australia Business School, School of Accounting ( email )

Sydney, NSW 2052
Australia
+61 2 9385 5829 (Phone)
+61 2 9385 5925 (Fax)

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