Managing environmental risks by ISO-14001 implementation: A case of russian UC RUSAL

Abstract

Environmental impact minimization is a question of stable business development. Delicate and efficient ecological strategy is connected directly with two vital elements for the company: risk management and financing. Shareholders and investors want to be assured of business stability and of ability of management to operate risks, including ecological. Major factors for a successful company are system management and control. Efficient ecological strategy and environmental management systems have a positive effect on evaluation of the company's risk for investment projects, and accordingly, increases its market value. This paper is devoted to the analysis of theoretical and practical issues of environmental management system implementation according to the ISO 14001 requirement. The authors consider it as an efficient approach to the solution of environmental problems in the firm's routine activity and business strategy. Prospective directions of environmental management system development in Russia are proposed taking into account the efficient practices of UC RUSAL.