WE ARE DISCUSSING ...
INTRODUCTION
CATEGORIES EFFECTS
DEALING WITH CONFLICTS CONCLUSION
INTRODUCTION
A conflict of interest is a situation in which ones deletes and ones self-interest conflict in a way that has a significant chance of corrupting ones perceptions, motivating actions, passions , values and judgements
The act or process of revealing or uncovering new or secret information knows enhances the conflict of interest
Most conflict of interest may result in vigilant scenarios where people hold significant importance to their personal agenda.
EXAMPLE 1
Let us consider a girl who need to choose from among her interest in order to fit in her timetable. She wants to attend the exam in college, to attend the music class, to go out for a movie, to deliver a seminar and also go visit her friends
As she is falling short of time, it is her interest to choose what to do and what not. The term used to mention this can be "Conflicting Interests" and this cannot be morally wrong
EXAMPLE 2
If another instance is considered where a man works for a company, being in some crucial position where he has access to all confidential information and if he works as an unofficial adviser to his wife's company, it would be morally wrong, where a moral conflict definitely arises. This can be termed as "Conflict in Interests "
CATEGORIES
[1] FAMILY CONFLICT OF INTEREST
This is common when family members receive special treatment based solely on their relationship to others in a business
A common term for this practice is nepotism.
An example might be the son of the owner receiving special treatment when it comes to being hired over a more qualified candidate, advancement in the company over a more deserving employee or raise in pay not based in any way on performance
CATEGORIES
[2] ROMANTIC CONFLICT OF INTEREST
This is actually a conflict that can be manifested in two ways
A person of authority can reward a romantic interest by providing special treatment or, in the case of a romance gone bad, punish the former romantic interest by creating a toxic work environment or passing the person over when opportunities for career advancement arise
CATEGORIES
[3] FINANCIAL CONFLICT OF INTEREST
Financial Conflict of Interest(FCOI) in research
may occur compromise,
when outside financial interests or have the appearance of
compromising, the professional judgment of a researcher when designing, conducting, or reporting research
Financial conflict are related to commercial interest
CATEGORIES
Trade secrets are usually a valuable commodity that gives a business an edge over competition
[4] CONFIDENTIAL CONFLICT OF INTEREST
By sharing this confidential information with another company, an employee can cause irreparable harm to an organization and strike a severe blow at the very heart of the company’s existence
EFFECTS OF CONFLICT INTEREST
Conflict has both positive and negative effects
It can be positive when it encourages creativity, new looks at oldthe clarification of points of view and the development of human capabilities to handle interpersonal differences
Conflict can be negative when it creates resistance to change, establishes turmoil in organization or interpersonal relation fosters distrust, building a feeling of defeat, or widens the chasm of misunderstanding
DEALING WITH CONFLICT OF INTEREST
The key to successfully managing your conflict of interest are adequate policies. These policies should include number of points like :-
Define who the interested person are
Detail which type of relationship potentially represent conflict of interest thus needed to be enclosed
Describe how your organization defines a potential financial interest
Outline your oraganizations procedure
State the duty to disclose actual on potential conflicts of interest
CONCLUSION
Everyone must deal with the conflict of Interest
Conflict of interest exists in every walk of life including education, business, government finance and research
It can affect our thoughts, judgements, choices and decisions
Conflict of interest exists in every walk of life including education, business, government finance and research
So make sure that our policies positionate to the severity of a potential conflict of interest and disseminate the policy to your organization and all relevant policies
BY
ABHIRAJ J [3]
ALEN M JOHN [19]
C SREE SANKAR [37]
AKHIL SURESH [17]
AMAL J [20]