ISO 14001 is an internationally recognised environmental management standard managed by the International Organization for Standardization. It is often required by investors and clients to demonstrate a minimal environmental standard.
The standard takes a very systematic approach to understanding and managing environmental risks. It firstly requires a company to identify its environmental risks, and then to prioritise and set targets for improvement. There are many benefits to implementing ISO 14001, some of them are:-

Good business practice. Many companies have found the approach to be so useful that they have integrated health and safety management into their environmental management system and have found that the implementation of the system has improved their overall business management.
Keep up with competition, i.e. Companies are increasingly demanding that all contractors and suppliers in their supply chain are certified to ISO 14001. E.g. Ford and B&Q
Regulatory requirements for ISO 14001 are becoming more common, e.g.The Building and Construction Authority in Singapore have made it a requirement that all A1 and A2 contractors are certified by July 2004
Cost savings, e.g. The winner of the Environmental Achievement Award 2003, Changi General Hospital, has found that improvements in environmental practices has reduced costs substantially, for example cutting down on energy and water use has saved them over S$800,000 per year. This is a common finding as implementing environmental management practices often leads to cost savings through more efficient energy and waste management
Builds reputation as being a corporately responsible company
Minimises risk of an unforeseen environmental impact resulting in excessive cost through clean up, fines or reputation damage

ISO 14001 and Singapore
Currently there are around 400 companies in Singapore which are certified to ISO 14001.
With the international nature of Singapore due to its busy port activities, there is more pressure on companies to have ISO 14001. Also, as Singapore is a developed country amongst many that are less developed in Asia, it should be demonstrating leadership in being responsible by having effective measures to reduce environmental risks.
PAIA works with companies helping them develop and implement an environmental management system (EMS) that meets ISO14001 requirements. PAIA can provide training, help to identify and prioritise environmental aspects, develop management plans, set targets and objectives and get employee buy-in to the system. Past projects have found that companies have often be able to save money through implementing an effective EMS - often it is possible to reduce energy, waste and transport costs as a direct result.
PAIA has extensive experience working with companies, assisting in the implementation of ISO 14001 so as to maximise cost savings and work within existing systems. At PAIA we believe in developing an ISO 14001 system that builds on existing management practices and systems. Our experience has shown that this approach enables ISO 14001 to be implemented and updated over the longer term, helping companies not only achieve, but also maintain the certificate. PAIA’s auditing experience has helped to identify what strategies work long term. We also have experience in both Europe and South East Asia.

Examples
PAIA’s consultants have worked with the following organisations to help implement ISO 14001:-
Shell
Railtrack
Wycombe District Council
TXU Europe
Eastern Electricity Co