It is important to consider how you can protect yourself and your company from the potentially harmful consequences of a conflict of interest.
It is important to consider how you can protect yourself and your company from the potentially harmful consequences of a conflict of interest. Conflicts of interest can be a sign that corruption exists in your organization. In this module, you’ll discover helpful tips for avoiding conflicts of interest. You’ll also learn how to build a company policy centered on dealing with conflicts of interest. This module explains why it’s best to remove yourself from decisions you may have a private interest in. A perceived conflict of interest can be just as damaging as an actual conflict of interest. You’ll also discover how a good conflict of interest policy can benefit employees and the company alike.
Learning Objectives:
- Methods for preventing conflicts of interest
- Codes of conduct for regulating conflicts of interest
- Elements of an effective conflict of interest policy
Skills you’ll gain
Business EthicsAnti-Bribery And CorruptionBusiness LiaisonGovernance Risk Management And ComplianceOrganizational ConflictRisk PreventionWhat You'll Learn
- Apply methods for preventing conflicts of interest
- Build a company policy for dealing with conflicts of interest
- Identify elements of an effective conflict of interest policy
- Use codes of conduct to regulate conflicts of interest
- Recognize ways to avoid conflicts of interest by removing yourself from decisions you have a private interest in
Key Takeaways
- Conflicts of interest can be a sign that corruption exists in your organization.
- A perceived conflict of interest can be just as damaging as an actual conflict of interest.
- It is best to remove yourself from decisions you may have a private interest in.
- A good conflict of interest policy can benefit employees and the company alike.
- Protecting yourself and your company from the harmful consequences of a conflict of interest is important.
Frequently Asked Questions
What will this module teach me about conflicts of interest?
It covers methods for preventing conflicts of interest, codes of conduct for regulating them, and the elements of an effective conflict of interest policy. You will also discover helpful tips for avoiding conflicts of interest and learn how to build a company policy centered on dealing with them.
Why does this course treat perceived conflicts of interest seriously?
Because a perceived conflict of interest can be just as damaging as an actual conflict of interest, and conflicts of interest can be a sign that corruption exists in your organization.
What lessons are included in this module?
The module includes two lessons: Ways to Avoid Conflicts of Interest, and Conflicts of Interest Policy.
What skills does this course help develop?
It supports skills in Business Ethics, Anti-Bribery and Corruption, Business Liaison, Governance Risk Management and Compliance, Organizational Conflict, and Risk Prevention.
How can a conflict of interest policy help my organization?
A good conflict of interest policy can benefit employees and the company alike, and it helps protect both you and your company from the potentially harmful consequences of a conflict of interest.
Transcript
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(light upbeat music) How can you protect yourself and your company from the potentially harmful consequences of a conflict of interest? Let's go over helpful tips on how to avoid one of these, as well as how to build a company policy centered around dealing with conflicts of interest. Conflicts of interest can be a sign that there is other corruption occurring. That's why it's important for you to avoid any potential and apparent conflicts of interest. Sometimes the best way to avoid conflicts of interest is to excuse yourself from any decisions that you have a private interest in. If it's necessary for you to be involved, you may want to restrict your involvement to only the essential parts. There are four tests you can perform when trying to help yourself avoid any conflicts of interest. These are best interest test. Ask yourself what the interests of the organization are. Do they align with your own interests or does a conflict exist? Pure disclosure test. What would be the community's reaction? This test can lead to the, everyone is doing it, defense, which is not a legitimate defense. What would your peers think of your involvement? I highly suggest using this test in conjunction with one of the others suggested. Public disclosure test. If this information becomes public, how will people react? Remember, a perceived conflict of interest can be just as damaging as an actual conflict of interest. Reasonable person test. What would a reasonable person do in this situation? Take a minute and think about it before taking action. If an organization discovers an employee has a conflict of interest that was not disclosed, it may give the employee a warning, ask the employee to give up their personal interest, allow the employee to be involved but restrict the involvement, remove the employee from the project, or the organization may fire the employee.
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