Aims The aim of this assignment is to familiarise students with the issues associated with the implementation of an environmental management system. Learning Outcomes On completion of this assignment,...

Introduction
To start with, ISO 14001 refers to the global standard, which signifies the requirements for a sound EMS (environmental management system). It lays down a structure, which a company could follow, instead of setting requirements for environmental performance (Iatridis & Kesidou, 2016). Fraction of the ISO 14000 group of standards for environmental administration, ISO 14001 is basically an intended standard, which companies could certify to. Incorporating it with other standards of management systems, most frequently ISO 9001, could further aid in achieving corporate objectives (Castka & Prajogo, 2013). The ISO (International Organization of Standardization) describes EMS as “fraction of the management system adopted for managing environmental facets, satisfying compliance requirements and addressing risks as well as opportunities. The structure in the ISO 14001 standard could be adopted in PDCA (plan-do-check-act) approach for incessant enhancement.  Moreover, it is highly believed that registration of ISO 14001 could enhance the company’s bottom line by way of enhanced environmental outcome. An effectively developed EMS is a technique that makes possible for a company to accomplish and methodically manager its environmental performance level (Castka & Prajogo, 2013). The EMS activates technological and procedural alterations, which could trim down manufacturing expenses. Additionally, the need for incessant enhancement in environmental impacts results in highly productive utilization of all inputs, taking in raw materials, labour and energy. Decreasing pollution implies towards enhanced output and more effective usage of resources.
Moving ahead, there is no doubt in the fact that ISO 4001 greatly assists in effective implementation of EMS. Moreover, the direct advantages derived from executing an efficient EMS take in material savings; decreased energy usage; decreased material storage expenses; decreased costs for radiations, discharges, transport, waste handling and disposal; augmented process outcomes; decreased rates of insurance; decreased consumer audits; decreased environmental liability; decreased enforcement penalties; enhanced corporate image amongst regulators, clients and the public; evidence of social responsibility and lastly, enhanced staff morale (Iatridis & Kesidou, 2016). Further, taking the above discussion into consideration this particular paper attempts to throw light on the statement that the positive environmental impact of ISO14001 stems mainly from the fact that a systematic and comprehensive approach to environmental management leads to the discovery and exploitation of new ‘win–win’ potential. The paper discusses this statement with an emphasis on the costs and benefits of ISO 14001 as well as its value both at corporate and environmental policy – making level.
Impact of ISO 14001
Ever since the authorized introduction of ISO 14001 during the year 1996, over 320,000 companies across the globe have certified their EMS via this particular standard. Several research studies have illustrated the advantages that companies could accomplish through adoption of ISO 14001 including organizational; commercial; corporate reputation and stakeholders’ management (Iatridis & Kesidou, 2016; Castka & Prajogo, 2013). Nevertheless, various critics have interrogated the way in which few companies implement this standard (Boiral, 2007; Aravind & Christmann, 2011). This symbolic adoption implies towards the company’s adoption of ISO 14001 like a means for legitimizing their environmental outcome, seeking the assistance of the institutes however without essentially indicating a fundamental environmental dedication (Iatridis & Kesidou, 2016). Additionally, the chief impetus of the foremost companies, which implemented ISO 14001, was basically to enhance production effectiveness or complying with legal requirements related to environmental subjects (Jiang & Bansal, 2003).
Nevertheless, at the present time, companies that decide to take on ISO 14001 might be encouraged greatly by the augmented institutional legality, which it offers (Castka & Prajogo, 2013). For instance, it has been observed that the implementation of ISO 14001 could decrease and also evade the issues of asymmetric information within particular transactions (i.e., one of the agents don’t hold adequate reliable data related to the environmental outcome of the other agents engaged). As a result,...