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A conflict of interest is a set of conditions in which professional judgment concerning a primary interest (such as a patient's welfare or the validity of research) tends to be unduly influenced by a secondary interest (such as financial gain).
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.
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.
A conflict of interest refers to the ethical problems that may arise between parties with a preexisting relationship. In law, a conflict of interest arises between an attorney and a client if the interests of the attorney, a different client, or a third-party conflict with the interests of the present client.
a situation in which someone cannot make a fair decision because they will be affected by the result: declare a conflict of interest I need to declare a conflict of interest here - one of the candidates for the job is a friend of mine. For a state employee to work on a political campaign like this is a conflict of interest.
Put simply, conflicts of interest occur when competing loyalties affect your judgment or objectivity, and they are particularly important when you are making decisions on behalf of other people. These are examples of situations where a conflict of interest has occurred: Guy, a medical doctor, receives a research grant from a pharmaceutical company.
Conflict of Interest. A conflict of interest arises when what is in a person’s best interest is not in the best interest of another person or organization to which that individual owes loyalty. For example, an employee may simultaneously help himself but hurt his employer by taking a bribe to purchase inferior goods for his company’s use.
