A conflict of interest arises when an individual’s personal interests clash with their professional duties and responsibilities. It can compromise their objectivity, decision-making, and the integrity of their work. Avoiding conflicts of interest is crucial for maintaining ethical conduct, fostering trust, and ensuring impartiality.
Conflicts of interest can have severe consequences, including legal liabilities, reputational damage, and loss of public confidence. Historically, various measures have been implemented to address this issue, such as disclosure policies, recusal requirements, and independent oversight mechanisms.