Conflict of Interest

Extracted Attributes

• Nature

  An objective fact, not a state of mind, and does not in itself indicate any lapse or moral error.

• Definition

  A set of circumstances that creates a risk that professional judgment or actions regarding a primary interest will be unduly influenced by a secondary interest.

• Common Fields

  Political, legal, medical fields.

• Regulatory Focus

  Mainly on financial relationships due to their objectivity, fungibility, and quantifiability.

• Primary Interests

  Protection of clients, health of patients, integrity of research, duties of public officers, patient welfare, validity of research.

• Secondary Interests

  Personal benefit, financial gain, professional advancement, favors for family and friends.

• Mitigation Strategies

  Disclosure, avoidance, relinquishing roles, recusal from decision-making, divestment.

Timeline

• AAMC defines conflicts of interest in 1990 as 'situations in which financial or other personal considerations may compromise, or have the appearance of compromising, an investigator's judgement in conducting or reporting research.' (Source: web_search_results)

  Undated

• Dennis F. Thompson defines conflict of interest in 1993 in The New England Journal of Medicine as '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).' (Source: web_search_results)

  Undated

• David Sacks divested assets at a personal loss to avoid conflicts of interest during his role at the White House, a process approved by the Office of Government Ethics (OGE). (Source: related_documents)

  Undated

• A New York Times article accused David Sacks of conflict of interest in his role at the White House, which Sacks refuted. (Source: related_documents)

  Undated

Conflict of interest

A conflict of interest (COI) is a situation in which a person or organization is involved in multiple interests, financial or otherwise, and serving one interest could involve working against another. Typically, this relates to situations in which the personal interest of an individual or organization might adversely affect a duty owed to make decisions for the benefit of a third party. An "interest" is a commitment, obligation, duty or goal associated with a specific social role or practice. By definition, a "conflict of interest" occurs if, within a particular decision-making context, an individual is subject to two coexisting interests that are in direct conflict with each other ("competing interests"). This is important because under these circumstances, the decision-making process can be disrupted or compromised, affecting the integrity or reliability of the outcomes. Typically, a conflict of interest arises when an individual occupies two social roles simultaneously, generating opposing benefits or loyalties. The interests involved can be pecuniary or non-pecuniary. The existence of such conflicts is an objective fact, not a state of mind, and does not in itself indicate any lapse or moral error. However, especially where a decision is being taken in a fiduciary context, it is important that the contending interests are clearly identified and the process for separating them is rigorously established. Typically, this will involve the conflicted individual either giving up one of the conflicting roles or recusing themselves from the particular decision-making process. The presence of a conflict of interest is independent of the occurrence of inappropriateness. Therefore, a conflict of interest can be discovered and voluntarily defused before any corruption occurs. A conflict of interest exists if the circumstances are reasonably believed (based on past experience and objective evidence) to create a risk that a decision may be unduly influenced by other, secondary interests, and not on whether a particular individual is actually influenced by a secondary interest. A widely used definition is: "A conflict of interest is a set of circumstances that creates a risk that professional judgement or actions regarding a primary interest will be unduly influenced by a secondary interest." Primary interest refers to the principal goals of the profession or activity, such as the protection of clients, the health of patients, the integrity of research, and the duties of public officers. Secondary interest includes personal benefit and is not limited to only financial gain but also such motives as the desire for professional advancement, or the wish to do favors for family and friends. These secondary interests are not treated as wrong in and of themselves, but become objectionable when they are believed to have greater weight than the primary interests. Conflict of interest rules in the public sphere mainly focus on financial relationships since they are relatively more objective, fungible, and quantifiable, and usually involve the political, legal, and medical fields. 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). Conflict-of-interest rules [...] regulate the disclosure and avoidance of these conditions.

Web Search Results

• Chapter 4 - Conflicts of Interest (COI) - Definitions

  interactions. Conflict of Interest (COI) A conflict of interest exists when two or more contradictory interests relate to an activity by an individual or an institution. The conflict lies in the situation, not in any behavior or lack of behavior of the individual. That means that a conflict of interest is not intrinsically a bad thing. Examples include a conflict between financial gain and meticulous completion and reporting of a research study or between responsibilities as an [...] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | | << Previous Section | < Previous Page | Next Page > | Next Section >> --- Conflicts of Interest (COI) - Definitions Interest An interest may be defined as a commitment, goal, or value held by an individual or an institution. Examples include a research project to be completed, gaining status through promotion or recognition, and protecting the environment. Interests are pursued in the setting of social [...] investigator and as a treating physician for the same trial participant. Institutional examples include the unbalancing of the institutional mission by acceding to the space requests of a large donor for an idiosyncratic program. Other definitions include: Conflicts of interest are "situations in which financial or other personal considerations may compromise, or have the appearance of compromising, an investigator's judgement in conducting or reporting research." AAMC, 1990 "A

• Conflict of interest

  A widely used definition is: "A conflict of interest is a set of circumstances that creates a risk that professional judgement or actions regarding a primary interest will be unduly influenced by a secondary interest." Primary interest refers to the principal goals of the profession or activity, such as the protection of clients, the health of patients, the integrity of research, and the duties of public officers. Secondary interest includes personal benefit and is not limited to only financial [...] > 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 their duties impartially. A conflict of interest exists even if no unethical or improper act results. A conflict of interest can create an appearance of impropriety that can undermine confidence in the internal auditor, the internal audit activity, and the profession. A conflict of interest [...] > 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). Conflict-of-interest rules [...] regulate the disclosure and avoidance of these conditions. — Dennis F. Thompson, The New England Journal of Medicine, 1993 ## In the practice of law [edit] | Professional responsibility |

• What Is a Conflict of Interest?

  A conflict of interest in business refers to a situation in which an individual's personal interests conflict with the professional interests they owe to their employer or to the company in which they're invested. A conflict of interest arises when someone chooses personal gain over their duties to an organization in which they're a stakeholder or when they exploit their position for personal gain. [...] A conflict of interest occurs when an individual's or entity's vested interests raise a question of whether their actions, judgment, and/or decision-making can be unbiased. A conflict of interest arises in business when someone chooses personal gain over duties to their employer. It can also arise when they choose personal gain over that of an organization in which they're a stakeholder. Conflicts of interest often have legal ramifications. ## How Conflicts of Interest Work [...] A conflict of interest occurs when an entity or individual becomes unreliable because of a clash between personal interests and professional duties or responsibilities. The party with the conflict of interest is usually asked to remove themselves or can be legally required to recuse themselves when such a situation arises. ### Key Takeaways

• Understanding Conflict of Interest

  Conflicts of interest are a clash that most often occurs between requirements and interests. Various types of conflicts of interest can occur because of the nature of relationships versus rules of organizations or federal and state laws. People can easily become biased (have an unfair preference) because of small things like friendship, food, or flattery, or they may be influenced to make a decision because of the potential to gain power, prestige, or money. Conflicts can occur when an [...] A conflict of interest occurs when an individual’s personal interests – family, friendships, financial, or social factors – could compromise his or her judgment, decisions, or actions in the workplace. Government agencies take conflicts of interest so seriously that they are regulated. Industry organizations, corporations, and universities, including our university, follow that lead by including conflicts of interest in our policies, regulations, and standards of operating procedures. For our

• What is Conflict of Interest? Examples & Best Practices

  ## What is a conflict of interest? 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. ### Types of conflicts of interest [...] A conflict of interest is a serious and sensitive issue that is often not publicly disclosed to protect the reputation of the involved parties. To avoid unwarranted losses, the company should have an anonymous channel to promptly address even the smallest cracks where conflicts of interest might arise. This approach will not only resolve the damages caused by conflicts but also safeguard the company’s reputation. ### Training Employees on Conflicts of Interest in the Company [...] A conflict of interest arises when a person’s interests, vested authority, or favoritism towards close relations unduly influence or are likely to hinder the impartial execution of their responsibilities and obligations. Under what conditions can we identify such conflicts of interest? Furthermore, how does the interplay between conflicts of interest and corrupt practices come into play? Contents hide 1 What is a conflict of interest? 1.1 Types of conflicts of interest