Conflict Of Interest Definition
A conflict of interest exists when an individual or organization has competing interests that could adversely affect their ability to make impartial decisions. Conflicts of interest can be financial, personal, or professional in nature.
A conflict of interest can arise when an individual or organization is asked to perform a task that could potentially benefit them in some way. For example, a conflict of interest may exist if a company is asked to provide advice on a merger or acquisition and stands to gain financially from the transaction.
A conflict of interest may also exist if an individual is asked to make a decision that could impact their personal life, such as whether or not to approve a project that would result in increased traffic near their home.
There are many ways to manage conflicts of interest, but the most important thing is to be transparent about the potential for bias and take steps to avoid any actual or perceived impropriety.
