Definition of Conflict of Interest
When you place your trust in somebody, you expect them to have your best interests in mind. A conflict of interest can collapse trust and confidence.
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Definition
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Simply put, a conflict of interest occurs when your obligations to a party or the greater public could be influenced or compromised by self-interest, a prior commitment, competing loyalties or an inability to be objective.
Who
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Conflicts of interest can arise in the private or professional world. Because of the nature of their professions, lawyers, politicians, physicians, researchers and police sometimes end up in situations where conflict of interest could enter the equation.
Legally
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A lawyer may not represent a party with interests adverse to those of a current client. Attorneys have a duty to their clients to disclose any conflict of interest.
Medically
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As federal research dollars dwindle, more scientists accept financing from the private sector, such as pharmaceutical companies. Conflict-of-interest concerns arise when research scientists receive additional salaries, consulting fees or stock option incentives from the companies whose products they test.
Example
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In 2001, celebrity Martha Stewart sold her ImClone Systems stock after receiving a call from her broker. Her stock sale was based on classic conflict of interest: insider information. Near a decade later, after 2 1/2 years of prosecution and a 10-month prison sentence, Stewart's legal case remains one of the highest-profile conflict-of-interest cases to date.
Resolution
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Having a competing interest is not, in itself, misconduct. Before competing interests influence your actions, take the preemptive measure of disclosing your conflict and, if possible, remove yourself from the situation.
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References
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