Russian Risk Management Society
Russian Risk Management Society
Russian Risk Management Society
Adopted at the annual meeting of RusRisk on December 03, 2009.
Each member of RusRisk must be aware of and comply with a code of conduct that reflects positively on our profession, instills confidence in our colleagues and employers, and aligns with local regulations, laws, and cultural standards.
Proper risk assessment often leads to conclusions that are unpopular with stakeholders. Proper risk assessment may also require the adaptation of established methodologies and the adoption of new approaches for various reasons related to risk assessment.
The fact that risk professionals sometimes deliver bad news and must rely on their own judgment in obtaining and interpreting results requires the highest standards of personal and professional behavior.
This document defines the minimum requirements and standards of behavior for risk professionals. These standards should promote the highest level of ethical behavior and disclosure in relation to analysis methods. RusRisk members hope that both individual professionals and the entire risk management community will rely on and adhere to these standards in their work.
This document refers to the Professional Standards and Common Practices for Risk Management. Risk professionals should understand these as concepts that reflect a growing and changing set of professional standards and practices. Risk professionals may create original approaches and solutions through new types of analysis or due to any limitations. Whenever possible, new approaches and solutions should be subject to peer review. When this is not possible, a RusRisk member should be guided by how other qualified risk professionals would perceive new approaches and solutions in the context of the Professional Standards and Common Practices for Risk Management.
Each RusRisk member should be aware of and adhere to these standards, as well as relevant local regulations and laws. When local regulations and laws conflict with the standards, RusRisk members should choose the local regulations and laws.
Best practices for risk managers are a minimum set of guidelines that all RusRisk members should follow.
Basic Knowledge
To assess and manage risks, a RusRisk member should have the necessary skills and/or certification (or work under the guidance of a qualified practitioner). If they do not have the necessary skills and/or certification, they should inform their relevant supervisor.
Rules and Laws
A RusRisk member must have a good understanding of all the rules and laws relevant to the implementation and reporting of risk assessments (or work under the proper guidance of a qualified practitioner). If they do not have a good understanding of the relevant rules and laws, they must inform their relevant supervisor.
Common Risk Management Practices
A RusRisk member must be familiar with the current Common Risk Management Practices. They must document their methodology and note any significant deviations from the Common Risk Management Practices.
Advances in Risk Management
A RusRisk member must be aware of the importance of disseminating information about advances in risk management methods and/or theory to the broader professional community and the importance of peer review of these advances.
Integrity
A RusRisk member must act with integrity. They must not engage in activities that are illegal or misleading. They must prevent other RusRisk members from engaging in such activities and avoid any actions that would negatively impact the risk management profession.
When there are apparent or actual inconsistencies between rules and laws, he
must inform the relevant supervisor and seek qualified advice.
Clarity and accuracy
A RusRisk member must provide risk management advice and services with clarity and accuracy. Their work must always reflect the highest standards of the profession.
Comparability
A RusRisk member must understand the needs and level of preparedness of the employer or client, and provide risk management advice and services that are commensurate with that level.
Presentation of results
A RusRisk member must exercise extreme caution to avoid exaggerating the accuracy or definitiveness of results or conclusions. They must strive to identify “gray areas” in results and conclusions.
Disclosure of limitations
A RusRisk member must clearly identify the relevant limitations of their knowledge and expertise regarding risk assessment, industry practices, and applicable laws. They must clearly communicate the limitations of their services.
High level of professionalism
A RusRisk member must strive to perform their work at the highest level of professionalism and encourage others to do the same. They must always improve their level of competence.
Leadership of others
A RusRisk member must ensure that the quality of work performed under their leadership matches the quality of their own work.
Deviation from accepted practices
A RusRisk member must clearly identify any deviations from accepted risk management practices and methodologies.
Conflicts of interest
A RusRisk member must clearly inform all relevant parties about apparent or actual conflicts of interest. It is their responsibility to identify the interests of all relevant parties.
Confidentiality
A RusRisk member must respect and maintain the confidentiality of their work, employer, or client. They must not use confidential information for personal purposes.
The ethical conduct of a risk manager is based on the following minimum guidelines that must be followed by every RusRisk member.
Personal Conduct
A RusRisk member must always act professionally, ethically, and honestly in all relationships with their employer, existing or potential clients, the public, and other risk professionals.
Responsibility
A RusRisk member must take responsibility and ownership of their own work, but not that of others. Proper citation must be made where necessary when using methods that belong to others.
Judgment and Independence
A RusRisk member must exercise sound and independent judgment in providing risk services.
Use of Risk Services
A RusRisk member must ensure that the services they provide are not used for misleading or deceptive purposes. They must take reasonable steps to prevent the misuse of their services for improper, dishonest, fraudulent, or illegal purposes.
Respect for Laws
A RusRisk member must respect all relevant laws and avoid any actions that would be or appear to be illegal or unethical. They must avoid actions that could negatively impact RusRisk or the risk management profession.
Respect for Local Customs
A RusRisk member must strive to be aware of all cultural differences regarding ethical behavior and customs, and avoid any actions that would be or appear to be unethical according to local customs. If standards conflict or overlap, they must always use the stricter standard.
