This research very different from previous studies because this study integrates waste management with enterprise risk management (ERM) which is linked to stakeholder participation. This research aims to identify and analyze the role of stakeholders in managing household waste in Pekanbaru City. Furthermore, this research aims to develop a new model for managing household waste using an ERM approach in Pekanbaru City. This research uses a qualitative approach with a case study research type and is descriptive in nature. This approach can understand in depth a case and event being studied with the facts found. This research focuses on the case of household waste in Pekanbaru City, Riau Province, Indonesia, but is seen to be related to several analysis units (stakeholders), namely; City government, packaging owner companies, waste transportation companies and the community as sources of waste. The data analysis technique for this research is the Spiral Model, namely; perform data managing, Reading and Memoing, Describing, classifying, and interpreting, and Representing and Visualizing. The results of this research show that first, the role of stakeholders in managing household waste in Pekanbaru City has not been effective according to the goals of waste management. Second, household waste management using the Enterprise Risk Management (ERM) approach succeeded in identifying 22 risk events and assessing extreme, high, medium and low risks. This risk category is useful for responding to risks by accepting, avoiding, reducing or sharing with other stakeholders. This shows that the waste management process in Pekanbaru City still has not implemented a new paradigm, namely Collect, Sort, Process and Dispose (KPOB). Third, this research resulted in the development of a Modified Household Waste Management Model (MMPS), which is household waste management that is strengthened with Enterprise Risk Management (ERM) elements so that the implementation of 3R (reduce, reuse and recycle) can be monitored from the source of the waste to the final processing site (TPA).