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 ethics, law, public health, and politics.
Definition[edit | edit source]
A Conflict of Interest (COI) arises when a person in a position of authority could potentially benefit, directly or indirectly, from the decisions they make. This includes situations where the individual's personal interests, or those of their family members, could potentially influence their professional duties and decision-making.
Types of Conflicts of Interest[edit | edit source]
There are several types of conflicts of interest, including:
- Organizational conflict of interest, which occurs when a corporation or person has a vested interest that could influence their decisions in a way that is not in the best interest of the organization.
- Personal conflict of interest, which arises when a person has a personal interest that could potentially influence their professional responsibilities.
- Financial conflict of interest, which occurs when an individual or organization can gain financially from a decision they are in a position to make.
Management of Conflicts of Interest[edit | edit source]
Management of conflicts of interest involves identifying, managing, and disclosing any potential conflicts of interest. This can be done through a variety of methods, including:
- Disclosure: This is the most common method of managing conflicts of interest. It involves making known any potential conflicts of interest to those who could be affected by them.
- Recusal: This involves the person with the conflict of interest removing themselves from the decision-making process where the conflict exists.
- Third-party evaluation: This involves having a third party evaluate the situation and make a decision.
See Also[edit | edit source]
References[edit | edit source]
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