Conflict of interest is a situation in which a person or organization is involved in multiple interests, financial or otherwise, and serving one interest could involve working against another. Disclosing an interest is an important part of managing conflicts of interest.
When disclosing an interest, it is important to provide as much detail as possible. This should include the matter to which the conflict relates, including dates of the conflict arising and the disclosure being made. It should also include the nature and details of the conflict, such as whether it is actual, potential or perceived, pecuniary or non-pecuniary.
In addition, the disclosure should include a proposed plan to manage or address the conflict. This plan should include steps to reduce or eliminate the conflict, such as avoiding certain activities or recusing oneself from certain decisions. It should also include steps to ensure that the conflict does not influence decisions or actions.
The disclosure should also include the details of the person making the disclosure. This should include name, position, and contact information.
When disclosing a conflict of interest, it is important to be honest and open. All relevant information should be provided, and any potential conflicts should be addressed. It is also important to keep the disclosure up to date, as conflicts can arise at any time.
By disclosing a conflict of interest, you can help ensure that decisions are made in the best interests of all parties involved. This is an important part of managing conflicts of interest and ensuring that decisions are made ethically and responsibly.