Without their assistance, it's feared the trapped man may not have survived.
Both Emily and Lauren were recently thanked for their heroic actions and presented with commemorative plaques and certificates during a ceremony held at Coatbridge Fire Station.
In attendance was SFRS Area Commander Jim Quinn, Local Senior Officer (LSO) for Lanarkshire and North Lanarkshire Provost, Councillor Kenneth Duffy.
Control firefighter Rachel O'Donnell, who received the 999 call from the girls and mobilised firefighters to the scene, was also in attendance.
The awards were handed out by LSO Quinn as well as by representatives from Water Safety Scotland and The Royal Life Saving Society.
Reflecting on the dramatic day, 16-year-old Lauren, who attends St Ambrose High School in Coatbridge, said: "We heard a man screaming and ran to the noise.
"He was in the water and asked us to call emergency services. Emily directed the firefighters to where we were, and I tried to get the dog out to safety.
"Once we had left the scene, we couldn't believe what had happened. It's scary to think if we hadn't been there, that something bad could have happened."
Fifteen-year-old Emily, who made the 999 call, said: "I wasn't expecting to be awarded like this.
"My friends and family are really proud. During the 999 call, I just knew I had to stay calm and do what I had to, to save the man."
LSO Quinn described the girls' actions as an "inspiration".
He said : “On behalf of the Scottish Fire and Rescue Service, I’m extremely proud to present both Lauren and Emily with these letters of commendation.
"Calling 999, remaining calm and leading fire crews to the incident undoubtedly helped save a life. Their quick thinking and courage is an inspiration to us all.”
The SFRS has a wealth of key information on its website to support people to stay safe while in or around water.
Voluntary group Water Safety Scotland also offer essential guidance and safety tips - including information around the threat of cold-water shock.
Please familiarise yourself with the group's guidance before entering or being around any body of water.