Conflict of Interest

A Conflict of Interest Policy is a formal document that outlines the procedures for identifying, disclosing, and managing conflicts of interest within an organization.

A conflict of interest occurs when an individual in an organisation is unable to remain objective, this could be a range of reasons such as personal relationships or financial investments.

It is important to have a conflict-of-interest policy for several reasons:

• Integrity: It helps maintain the integrity and trust of the organisation, ensuring that decisions are made in the best interest of the organisation, free from bias and external influence.
• Prevent Legal Issues: A clear policy helps ensure compliance with legal and regulatory requirements.
• Promotes Transparency: Requiring disclosure of potential conflicts of interest helps to manage them effectively.
• Enhances Decision Making: Managing conflicts of interest ensure decisions are merit based and in the best interests of the organisation.
• Protects the Organisation: Protecting the organisation from possible financial loss that could arise from unmanaged conflicts of interest.
• Good Governance: A conflict-of-interest policy is a key component of good governance, helping ensure the organisation works ethically and responsibly.
  

This policy is used when a matter arises that is influenced by a known conflict of interest or if a suspected conflict of interest occurs.