There is a high level of uncertainty in nowadays fast changing global business environment that causes challenges for management decision-making process. Management of organisations 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. In this paper the authors identify and describe main risks in Baltic energy industry and analyse, if the existing ERM frameworks are applicable for dealing with these risks. These analyses serve as a starting step for developing criteria based model for optimal choice of risk management framework, based on specific company’s qualities. The digital online databases Web of Knowledge, Emerald In-sight, Scopus, Science Direct and social networking site for scientists and researchers ReasearchGate were used to identify current state of research on ERM and Integrated Management Systems (IMS). Key words used for search: “Enterprise Risk Management”, “Risk management frameworks”, “Decision making”. Based on literature review a comparison of ISO 31000 standard and COSO ERM frameworks was performed. Afterwards semi-structured interviews with top management and risk management experts of Baltic energy companies were carried out with the aim to use their experience in identifying main risks in the industry and determining the main challenges for choosing and implementing specific ERM framework, as well as, to find out how risk management affects business decisions.