ABSTRACT
This chapter addresses the issue of conflation in terms of how to balance between the structural and agency perspectives. It shows that institutionalization of enterprise-wide risk management (ERM) has to be understood from both a structural perspective and an agency perspective. The chapter explores how different actors conceptually interpret ERM along with the actions actors take to create a collective action frame of new ERM practices in an organization. It shows that understanding individuals as institutionally embedded actors enables a more critical understanding of how actors frame ERM, and how different framing of ERM influences the development of ERM practices. This analytical framework enabled US to deconstruct the institutionalization process into a number of theoretical concepts and delineate how each concept influenced the creation of new ERM practices in the organization. The concepts included actors and their embeddedness in extant institutions; actors' framing of ERM; and actors' actions for gaining a collective action frame forming institutionalized practices.
