Discuss in details about confects of interest in social context.

A conflict of interest occurs when an entity or individual becomes unreliable because of a clash between personal (or self-serving) interests and professional duties or responsibilities. Such a conflict occurs when a company or person has a vested interest—such as money, status, knowledge, relationships, or reputation—which puts into question whether their actions, judgment, or decision-making can be unbiased.

Some examples of a conflict of interest could be:

• Representing a family member in court
• Starting a business that competes with your full-time employer
• Advising a client to invest in a company owned by your spouse
• Hiring an unqualified relative or friend

When such a situation arises, the party with the conflict of interest is usually asked to remove themselves, and it is often legally required of them.

A conflict of interest occurs when a person's or entity's vested interests raise a question of whether their actions, judgment, and/or decision-making can be unbiased.

In business, a conflict of interest arises when a person chooses personal gain over duties to their employer, or to an organization in which they are a stakeholder, or exploits their position for personal gain in some way.

Conflicts of interest often have legal ramifications.

Understanding Conflict of Interest

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