Conflict of interest

Conflict of Interest is a situation where an individual or organization is involved in multiple interests, one of which could possibly corrupt the motivation for an act in the other. The term is commonly used in the fields of business, law, medicine, politics, and public service.

Definition

A Conflict of Interest arises when a person or an organization is involved in multiple interests, financial or otherwise, one of which could possibly corrupt the motivation or decision-making of that individual or organization. The presence of a conflict of interest is independent of the occurrence of impropriety.

Types of Conflicts of Interest

There are several types of conflicts of interest such as Competing Interests, Dual Loyalty, and Self-Dealing.

Competing Interests

Competing interests can be defined as situations where professional judgment concerning a primary interest may be influenced by a secondary interest.

Dual Loyalty

Dual loyalty can be defined as situations where professionals serve two masters with potentially conflicting interests.

Self-Dealing

Self-dealing can be defined as situations where individuals or firms are making decisions that will make them gain financially.

Conflict of Interest in Different Fields

Conflicts of interest can occur in many different fields. Here are some examples:

In Business

In business, a conflict of interest can occur when a businessperson is in a position to exploit a professional or official capacity in some way for their personal or corporate benefit.

In Law

In law, a conflict of interest is a situation in which a person has a duty to more than one person or organization and cannot do justice to the actual or potentially adverse interests of both parties.

In Medicine

In medicine, a conflict of interest can occur when a doctor's ability to act in the best interests of a patient is compromised by personal interests or relationships.

In Politics

In politics, a conflict of interest can occur when a politician's personal interests or relationships conflict with their duty to act in the best interests of their constituents.

See Also

• Ethics
• Professional Ethics
• Business Ethics
• Medical Ethics
• Political Ethics

References

• 
  Corrupt Legislation by Vedder Highsmith
• 
  US Finance Industry