There is a high level of uncertainty in nowadays fast changing global business environment that causes challenges for management decision making process. Management of organizations employs set of risk management practices to deal with these uncertainties and to ensure achievement of strategic objectives and fulfilling its mission. There are exiting Enterprise Risk Management (ERM) frameworks that provide a comprehensive and systematic approach to proactive and holistic risk management. Additionally companies extensively use Management System (MS) standards to enable implementation of structured approach to their activities in order to achieve their objectives. The most popular Management System standards developed by International Organization of Standardization (ISO) are ISO 9001 - Quality management systems and ISO 14001 - Environmental management systems. MS standards are frequently unified into one efficient Integrated Management System (IMS). In this paper, authors identify and describe main risks in management decision-making process and analyze, if the existing ERM frameworks are applicable for dealing with these risks from IMS perspective. These analyses serve as a starting step for developing criteria based model for optimal choice of risk management framework for IMS implementation, based on specific company’s qualities. This study allows getting insight in the main risks related to management decision making process and application of risk management frameworks for handling these risks. It will serve as bases for further development of decision-making model for selection of risk management framework based on specific company criteria and taking into account IMS perspective.