Environmental standards as a source of operational risk and costs for companies

Dedeić, Predrag and Brnjas, Zvonko (2015) Environmental standards as a source of operational risk and costs for companies. In: 4th international scientific conference "Economy of integration" : Challenges of economy in environment under crisis : ICEI 2015. University of Tuzla, Faculty of economics, Tuzla, pp. 778-790. ISBN 2490-2616

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Abstract

Increasingly complex, complicated and demanding environmental regulations continually create higher and higher level of legal risk for businesses and society as a whole. It also puts on the companies the burden of additional costs that have to be included into the price of their goods and services. The legal protection of environment is complicated not only from the standpoint of legislation but also in terms of its implementation and compliance. The system of environmental protection must be the pillar that supports the development of sustainable nature, economy and society. To achieve that goal the system needs to be based on the “polluter pays” principle and it needs to include efficient cooperation between different stakeholders, amongst which companies have an important place. In addition to being an active partner in environmental protection, companies are at the same time the market participants so they must think about relevant costs. They must include into their decision making process all environmental regulations and all relevant financial and fiscal instruments.

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