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- DictionaryCon·flict of in·ter·est
noun
- 1. a situation in which the concerns or aims of two different parties are incompatible: "the conflict of interest between elected officials and corporate lobbyists"
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May 14, 2024 · The meaning of CONFLICT OF INTEREST is a conflict between the private interests and the official responsibilities of a person in a position of trust. How to use conflict of interest in a sentence.
- What Is A Conflict of Interest?
- Understanding Conflict of Interest
- Special Considerations
- Common Types of Conflicts of Interest
- Real-World Example of Conflict of Interest
A conflict of interest occurs when an entity or individual becomes unreliable because of a clash between personal (or self-serving) interests and professional duties or responsibilities. Such a conflict occurs when a company or person has a vested interest—such as money, status, knowledge, relationships, or reputation—which puts into question wheth...
A conflict of interest in business normally refers to a situation in which an individual's personal interests conflict with the professional interests owed to their employer or the company in which they are invested. A conflict of interest arises when a person chooses personal gain over the duties to an organization in which they are a stakeholdero...
A conflict of interest may lead to legal ramifications as well as job loss. However, if there is a perceived conflict of interest and the person has not yet acted maliciously, it's possible to remove that person from the situation or decision in which a possible conflict of interest can arise. Using the prior example of a board member who owns a tr...
Self-dealing is the most common type of conflict of interest in the business world. It occurs when a management-level professional accepts a transaction from another organization that benefits the manager and harms the companyor the company's clients. Gift issuance is also a very common conflict of interest. It happens when a corporate manager or o...
In the financial industry, an agency problem refers to a type of conflict of interest where agents don't fully represent the best interests of their principals. The Enron scandalis an extreme example of an agency problem that led to the collapse of what was at the time one of the largest companies in the United States. In 2001, Enron Corporation de...
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Mar 10, 2023 · Key takeaways: A conflict of interest is a situation in which an entity has competing responsibilities or interests. In business, a conflict of interest arises when a person's personal interests conflict with their professional obligations. Conflicts of interest often have legal consequences.
Aug 17, 2023 · A conflict of interest is a scenario in which the interests of an individual holding a position of authority, power, or their favored relatives have the potential to, or do, inappropriately influence the execution of their duties and responsibilities.
conflict of interest is a situation in which an internal auditor, who is in a position of trust, has a competing professional or personal interest. Such competing interests can make it difficult to fulfil his lor her duties impartially. A conflict of interest exists even if no unethical or improper act results.
CONFLICT OF INTEREST definition: 1. a situation in which someone cannot make a fair decision because they will be affected by the…. Learn more.
Jan 21, 2022 · Written by MasterClass. Last updated: Jan 21, 2022 • 3 min read. Conflicts of interest arise when people use their professional or financial relationships for personal gain. These instances can crop up in corporate settings, nonprofits, public offices, and businesses alike.
