What is a conflict of interest?

A conflict of interest refers to a situation where an individual's personal interests, relationships, or affiliations have the potential to improperly influence their professional actions, judgments, or decisions. This concept is critical in maintaining integrity, transparency, and accountability within professional environments. When personal interests are at stake, they can create a vulnerability in decision-making that may not align with the best interests of the organization, clients, or stakeholders involved.

For example, if a manager is responsible for hiring a candidate who is a close friend, their personal feelings may cloud their judgment, leading them to make a choice that isn't based purely on the candidate’s qualifications or what is best for the organization. Recognizing and managing conflicts of interest is essential for fostering ethical practices and trust within professional settings.