Not yet registered? Create a OverBlog!

Create my blog

Introduction to conflict of interest policy

Are you a member of a company’s selection panel who has made a job offer to the son of your relative? Then, you are in a conflict of interest situation. This article introduces the concept of conflict of interest.

What is conflict of interest?

Overview A conflict of interest occurs when an individual in a position of trust or an organisation cannot act impartially in a given situation because they are involved in competing interests. The existence of conflict of interest does not necessarily imply wrongdoing. However, being involved in competing interests is considered to provide an individual or a corporation with the opportunity of exploiting their professional or official capacity for their benefit. The British Medical Journal describes conflict of interest as,
“a set of conditions in which professional judgement concerning a primary interest (such as patients’ welfare) tends to be unduly influenced by a secondary interest (such as financial gain).”

Conflict of interest policy

COI Statement It is common practice that organisations from government institutions to companies, universities and medical bodies have a conflict of interest policy. These bodies publish a conflict of interest statement in which they declare their position as to where they stand concerning their members personal, business and professional interests.
They do this to inspire confidence to the public as to their ethos and impartiality.
Types of conflict of interest The most common types of COI have to do with:
1) Individuals entering employment where the interests of one job contradict the other
2) Individuals being in a professional position to favour family members, friends or relatives (nepotism)
3) Individuals or organisations completing transactions by being simultaneously the initiators of the transaction and the beneficiaries.
How to avoid conflict of interest Depending on the conflict of interest policy that a given organisation employs there are different ways of dealing with COI: 1) Removal: An individual or organisation may have to eliminate any connection to interests which may potentially corrupt its impartiality. 2) Disclosure: An individual or organisation may have to disclose their
interests – and in some cases anything less than full disclosure is considered a crime. 3) Abstention: An individual or organisation may have to abstain from decisions where there is a known conflict of interest.
Final thoughts
Conflict of interest situations abound: high-ranking officials may be involved in self dealing or be members of corporate boards; doctors may be shareholders of Pharmaceutical companies; employers may make a job offer to a relative; a solicitor may be representing a client who has a dispute with another client of Law firm the solicitor is working for.
That’s why conflict of interest policies are useful tools for preventing COI.

Same category articles History

Hanscom AFB: The facts

Hanscom afb: the facts

Hanscom air force base (afb) is a united states air force facility which is located close to the massachusetts national guard barracks. established in 1942, it was named after laurence g. hanscom, a local aviator and journalist who died in an accident the year before.
In Wiccan Lore, what is the rule of three?

In wiccan lore, what is the rule of three?

The wiccan rule of three is a teaching that your actions return to you threefold, particulary if they are magical actions. it is not a belief universally agreed among wiccans, as it is not specifically stated in the wiccan rede. there are various interpretations of this rule, some of which see it as a kind of karma. this article provides you with an overview of the wiccan rule of three.
A history of The Battle of Algiers

A history of the battle of algiers

The battle of algiers was a conflict between algerian rebels determined to free algeria of french rule and the french rulers, though it was complicated by clashes within the algerians themselves. french counter-insurgency forces used retaliatory tactics against the algerians, including torture. this stimulated algerian response all the more, and in the end, french rule ended after a referendum. learn more about the history of the battle of algiers.
How did Christmas start?

How did christmas start?

Christmas is one of the major christian holiday festivals, established according to a church doctrine in honour of jesus christ's birth. in some countries, it is celebrated on the 25th of december (so-called gregorian calendar), in others it is celebrated 7th january (julian calendar). this article makes a round of the origins of christmas and ways of celebrating it.