A systematic method for the integration of correlated shot-noise sources into compact models (CMs) is presented, which significantly improves the accuracy of predicted high-frequency noise in transistors. The developed method relies on a system theory approach, and hence, is not limited to specific CM or device type. In this paper, the method is applied to the CM HICUM, which serves a vehicle for verification purposes. The method and its implementation were verified for SiGe heterojunction bipolar transistors based on measured data for frequencies up to 50 GHz, as well as on device simulation data up to 500 GHz, obtained from simulations of both hydrodynamic and a Boltzmann transport model.