Forms of Conflicts of Interest

Name: Forms of Conflicts of Interest
Author: KnowledgeCity

Understand the many different types of conflicts of interest.

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Course: On-Demand

(bright music) What kinds of conflicts of interest might one encounter? Let's explore how gifts outside of employment, familial and personal relationships and self dealings can all be conflicts of interest. Not all gifts will be considered conflicts of interest. Accepting a gift during the holiday season, for example, may not be viewed as a conflict of interest. There are three factors that should be considered when looking at the gift. Intent, size and reaction. Intent is a reasoning for the gift. A gift in the workplace should always have a legitimate business reason. The timing of the gift may signal the intent. Size refers to nominal value. Items such as pens or calendars generally aren't a problem. Once you start receiving tickets to sporting events or dinners, you may have a conflict of interest. Your reaction to a gift can also influence whether it's viewed as a conflict of interest. Hiding the gifts or keeping them as a secret will always look bad. To decide whether you should accept a gift, you can ask yourself these questions. Would the gift create a conflict of interest or the appearance of a conflict of interest? What is the value of the gift? Is there a purpose for giving the gift? For example, a gift may be given just before a major negotiation to try to influence the outcome. Is the gift given out of generosity? Is it a gift or entertainment? A gift has traditionally been something that's taken home while entertainment is enjoyed at that exact moment. What is accepted in the industry? And what do you have that the gift giver may be trying to obtain? The simplest way to avoid the situation is to simply refuse all gifts from business partners and vendors. This will remove any act that may be seen as a conflict of interest. But there is a downside to the strategy. Small and simple gifts can be a way to bond and connect with another person. By refusing all gifts, you may lose part of your ability to connect with others. Many organizations have gift policies already in place. These may vary from organization to organization. Some policies may state no gifts may be taken or it'll set a limit on what is acceptable.

Essential Provider : KnowledgeCity 4 Lessons · 7m in Arabic, German, English, Spanish, French, Portuguese, Chinese

Course Description

There are many types of conflicts of interests. This module takes a deep dive into the dynamics at play in relation to gift giving, outside employment, family and personal relationships, and self-dealings. This module will help you understand how all these types of situations might cloud a person’s judgement, as well as situations in which they might be acceptable. When it comes to conflicts of interest, there’s a certain amount of subtlety you must navigate to determine when something is or is not a problem. This module explores many important considerations for employees and managers who want to better understand the impacts certain actions and affiliations can have on a company.

What You'll Learn

Recognize which gifts do and don't create conflicts of interest
Identify when a second job or outside employment may create a conflict of interest
Explain the meaning of nepotism in family and personal relationships
Understand how fiduciaries can harm a company through self-dealing
Assess situations involving conflicts of interest to determine when something is or is not a problem

Key Takeaways

There are many types of conflicts of interest, including gift giving, outside employment, family and personal relationships, and self-dealings.
Each of these types of situations can cloud a person's judgement, though some may be acceptable in certain circumstances.
Determining whether a conflict of interest is a problem requires navigating a certain amount of subtlety.
Both employees and managers benefit from understanding the impact certain actions and affiliations can have on a company.

Frequently Asked Questions

Who is this course for?

It is for employees and managers who want to better understand the impacts certain actions and affiliations can have on a company.

What types of conflicts of interest does this module cover?

It takes a deep dive into gift giving, outside employment, family and personal relationships, and self-dealings.

What skills does this course help develop?

It builds skills in applied ethics, conflict management, external relations, internal relations, organizational conflict, and social influences.

Does the course only cover situations that are problematic?

No. It explains how these situations might cloud a person's judgement, as well as situations in which they might be acceptable, since there is subtlety in determining when something is or is not a problem.

What lessons are included in this module?

The lessons are Gifts, Outside Employment, Family and Personal Relationships, and Self-Dealing.