RISK MANAGEMENT STANDARDS - ENSURING INTEGRITY IN PUBLIC AND PRIVATE ORGANISATIONS

Purpose: This paper examines how organisations use different Risk management standards, guidelines and tools, ethical codes and other policies to ensure integrity, prevention of corruption and other misdemeanors. Design/Methodology/Approach: The paper combines the analysis of international risk management standards, guidelines and tools, applicable Slovenian legislation, Capital Assets Management Agency (AUKN) policies, competences of the Slovenian Directors' Association (SDA), policies of professional associations and characteristics of integrity plans. Findings: We found that risk management standards are useful to ensure integrity of organisations, its management and employees. Good examples are integrity plans which are mandatory for all public institutions. Some integrity policies from the AUKN and the SDA which have their own code of ethics and corporate governance codes and are used to provide high standards of ethics and integrity. Smaller companies and entrepreneurs may use the policies of professional associations but it is not obligatory. Research limitations/Implications: The study is limited to Slovenian institutions and the results could be applicable for both private and public sector institutions, presenting a good basis for further studies in this area. Originality/value: The paper extends the understanding of risk management models as a tool to ensure integrity and the prevention of corruption in private and public organisations.