A proposed risk framework as a tool for sustainability for the South African wine industry

Abstract

Sustainability can be defined as the survival of a business, requiring the successful integration of economic, social and environmental aspects. Sustainability is likely to be achieved by a business that manages and integrates economic principles (maximising welfare and improving efficiency), and social (equity principles) and environmental strategies (conservation of resources) (Arnold 2017; Rauter, Perl-Vorbach & Baumgartner 2017; Schaltegger, Lüdeke-Freund & Hansen 2012). Many businesses, including the wine industry, face significant challenges in tackling global warming, protecting ecological support structures, conserving energy and resources, and sustaining functioning societies (Arnold 2018; Santini, Cavicchi & Casini 2013). Thus, unsustainable management decisions and the neglect of social and environmental issues will prevent businesses from improving in terms of sustainability (Arnold 2017; Schaltegger et al. 2012).