Enhancing Value for Canadian Organizations by Using Enterprise Risk Management as a Holistic Approach for Improving Environmental Management and Compliance

Environmental risks are a cumbersome financial burden to any organization. This thesis aims to establish best practices for integrating environmental risks into the ERM holistic approach to creating value for Canadian organizations as strategic speculative risk. Culture, leadership, risk appetite, integrated risk framework and value are five pillars that may influence the integration process. 

The research involved four phases, including a review of the literature methodologies to determine the most appropriate approach to conduct the thesis, a scoping review of 54 academic articles, a content analysis of 20 sustainability reports for leading Canadian organizations. Finally, merging the results of both literature analyses generated a best practice list, which was analyzed against the research's five pillars. The thesis concluded the organizational culture supremacy on the overall integration process and reframing the environmental risks as a rewarded risk embraced with the ERM system, thus creating stakeholder value and enhancing business continuity.