Conflict of Interest Fundamentals

Name: Conflict of Interest Fundamentals
Author: KnowledgeCity

Learn how to recognize conflicts of interest and handle them effectively.

Preview the first lesson free — get full access to all 6 lessons.

Course: On-Demand

What exactly is a conflict of interest? Let's discuss what counts as a conflict of interest, and how to identify one and why they're harmful. You'll also learn how to report, disclose, and investigate a conflict of interest. To put it simply, a conflict of interest is when a situation appears to compromise someone's objectivity or professional judgment. This can be a conflict between personal interests and the goals of an organization you're working for, or when the interests of a second job compete with the interests of the first job. Conflicts of interests can exist even if the individual's judgment was not affected. It can be hard to completely avoid conflicts of interest. How the employee and the organization react determines whether they cross over into corruption. Here are some examples of potential conflicts of interest. A manager gets paid to be a weekend consultant for one of his organization's competitors. A hiring manager fails to reveal a relationship to a candidate for a job. A purchasing manager accepts gifts from a vendor and then selects the vendor's products. An executive uses corporate funds for personal reasons, or an employee starts a side business that provide similar products to those of their full-time employer. Depending on your specific organization and job, having conflicts of interest can be a criminal offense. Government workers may face criminal charges for conflicts of interests. Check your national and local laws to see if there are criminal penalties. Conflicts of interest can be apparent, potential or actual. Let's go over each of these now. Apparent conflict of interest is a situation where a reasonable person would think an individual's judgment has been compromised. Potential conflict of interest means that the situation could develop into a conflict of interest. Actual conflict of interest is when a conflict of interest is happening. Most of what we discussed so far refers to individuals having conflicts of interest, but organizations can have conflicts of interest as well. Organizations may have contracts or clients that will affect the decisions they make on other projects. This side project you heard me talking about on the phone could be a conflict of interest. I should take a closer look at the details to keep myself out of trouble.

Essential Provider : KnowledgeCity 6 Lessons · 11m in Arabic, German, English, Spanish, French, Portuguese, Chinese

Course Description

A conflict of interest is when a situation appears to compromise someone’s objectivity or professional judgement. In this module, you’ll learn about the many different forms of conflicts of interest. It can be hard to eliminate conflicts of interest completely, and some are more harmful to an organization than others. Some, especially in government organizations, can even cross over into corruption. This module will help you identify conflicts of interest and understand when they’re likely to put your organization at risk. It will also go over what steps you need to take if you believe there’s a conflict of interest at play in your own or someone else’s work. It will also provide guidance for organizations that find themselves in situations where they need to investigate a conflict of interest.

What You'll Learn

Define what constitutes a conflict of interest and recognize its many different forms
Identify conflicts of interest and the red flags that signal them
Assess when a conflict of interest is likely to put your organization at risk
Report and disclose conflicts of interest you observe in your own or others' work
Investigate conflicts of interest when an organization needs to look into a situation
Distinguish the role conflicts of interest play in the public versus the private sector

Key Takeaways

A conflict of interest arises when a situation appears to compromise someone's objectivity or professional judgement.
Conflicts of interest take many different forms, and some are more harmful to an organization than others.
Conflicts of interest can be hard to eliminate completely, and some, especially in government organizations, can cross over into corruption.
Conflicts of interest can have both personal and organizational effects.
Knowing the steps to take, including reporting, disclosing, and investigating, helps address a suspected conflict of interest.

Frequently Asked Questions

What does this module cover?

It covers the many different forms of conflicts of interest, how to identify them, when they are likely to put your organization at risk, and the steps to take if you believe there is a conflict of interest in your own or someone else's work. It also provides guidance for organizations that need to investigate a conflict of interest.

What is a conflict of interest?

A conflict of interest is when a situation appears to compromise someone's objectivity or professional judgement.

Does this module address conflicts of interest in government organizations?

Yes. It explains that some conflicts of interest, especially in government organizations, can cross over into corruption, and it covers the role conflicts of interest play in the public versus the private sector.

What skills does this course help develop?

It supports skills including applied ethics, conflict management, controlling interest, minority interest, organizational conflict, and security interest.

What topics are taught in the lessons?

The lessons cover defining conflicts of interest, identifying conflicts of interest, the impacts of conflicts of interest, reporting and disclosing conflicts of interest, investigating conflicts of interest, and conflicts of interest in the public sector.