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Hayne & Free; hybridized professional groups and institutional work COSO and the rise of ERMContributions of the paper:1.Present an account of the mechanisms and processes that gave ris to the formation fo COSO ERM model, which has become the dominant risk management model2.Present a fully articulated conception of the actors involved in the supply side of a management innovation. ‘The Hybridized professional groups’, reflecting the way that COSO was able to draw importantly from the social and cultural capital, networks and resources of its members in disseminating the emerging model.The idea of ‘supply side’ of innovation by examining the processes through which a network of different actors. COSO identifies ERM as ‘a process, effect by an entity’s board of directors, management and other personnel, applied in strategy setting and across the enterprise, deigned to identify potential events that may affect the entity and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives. COSO-Internal control; addresses the organization attitude toward risk-Objective setting; suggest that an organization must have goals and objectives in order to evaluate risks might challenge successful goal attainment.-Event identification; comprehensive review of internal an external events that could either help or hinder goal attainment. -Risk assessment; identify risks (likelihood and impact)-Risk response; accept, avoid or share the risk-Control activities; ensure that the risk response steps are effectively via -Information and communication; all parties associated with the risk management receive information-Monitoring; process must be continuously monitored The focus of institutional work is to examine how actors interact with, and influence, institutions. Three types of institutional work:1.Disrupt institutions2.Creates institutions3.Maintains institutions. Methods:-Field research-Semi-structured interviews-COSO guidance-2482 articlesCOSO is kind an odd organization not just in terms of being a virtual organization but you know what is it? It’s nog really a standard setter and yet it is a kind of a standard setter. It’s not a company: it’s not a for-profit organization. And so I think when COSO comes out with guidance, it carries a pretty unique credibilitybecause you can’t attribute their action to a profit motive per se.