What are some real-life examples of conflicts of interest?

What are some real-life examples of conflicts of interest?

Conflicts of interest occur when an individual's personal interests could influence their professional decisions. A classic example is a doctor who receives payments from a pharmaceutical company while prescribing their drugs.

Can you give me more examples?

Sure! Another example is a government official who has a financial stake in a company that is bidding for a government contract. This can lead to biased decision-making.

How can conflicts of interest be managed?

Conflicts of interest can be managed through transparency, disclosure, and establishing clear policies that require individuals to recuse themselves from decision-making when a conflict arises.

What are the consequences of ignoring conflicts of interest?

Ignoring conflicts of interest can lead to legal repercussions, loss of trust, and damage to an organization's reputation. It can also result in unethical decisions that harm stakeholders.