Question

A professional must always avoid "conflicts of interest." What exactly does this mean?  Explain the problem of conflicts of interest as it relates to people in official or professional positions and discuss examples. Why is this considered a serious moral concern? Why do we say that the mere appearance of a conflict of interest is a problem?

Answer 1

What exactly does this mean?

A conflict of interest is a situation which occurs when an entity or individual becomes unreliable because of a clash between personal (or self-serving) interests and professional duties or responsibilities.

Explain the problem of conflicts of interest as it relates to people in official or professional positions and discuss examples.

Problem of conflict of interest can range from corruption, lack of faith in organization, pilferage of enterprise’s money for personal use, lack of moral responsibility etc.

For example, an employee may simultaneously help himself but hurt his employer by taking a bribe to purchase inferior goods for his company's use.

Why is this considered a serious moral concern?

Conflict of interest is a serious moral concern because it violates the country laws and code of public ethical conduct. Conflict of interest is one key ethical issue in public and private management and has significant association with corruption. It relates to power on official duties, roles and values conflicts in decision making processes. Thus, it reduces faith and morality in organizational system.

Why do we say that the mere appearance of a conflict of interest is a problem?

Mere appearance of conflict of interest is a problem because it can lead to harmful misperceptions of the organization. When large sums of money are involved, it may be difficult for the public, legislators, the judicial system, and even colleagues to be convinced that results were not biased for personal gain.

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