CONFLICTS OF INTEREST
I would have to say, but if it weren't for conflict, it wouldn't make out for interesting journalism or really anything in that matter. Reading or hearing about other people's interests and their points of view (whether it be a conflict or not) also make us stop and think as well and see things from a different perspective. For instance, although expected, we seen a perfect example of conflict during this evening's presidential debates. However, when we're dealing with conflicts of interests, it can carry a risk for consequences.
IN THE WORKPLACE
Conflicts of interest in the workplace is one of the most common area where conflicts of interest can occur. A staff member brings benefits that are contrariety to their employer's. it can affect the employee's decision making and overall job performance and relationships with co workers. It is also a question of ethics. According to the Law Depot, when an employee is "knowingly taking part in conflicting scenarios for personal benefit, it can be cause for disciplinary action or termination".
In order to prevent any ethical conflict, an employee should be aware about the types of conflicts that are floating around in their workplace. If they are unsure about whether or not their involvement will create a conflict, they should always double check and ask a trusted person. However, if you do find yourself caught, you should remove yourself from the situation immediately.
Many workplaces have their codes of ethics and policies that you are informed of as you start out. If not, familiarize yourself with them before and become aware of how conflicts of interest are handled early on. There should be a plan for employees in every business to disclose potential conflicts of interests and what they can do to resolve them.
CONFLICTS OF INTEREST AND THE LAW
Conflicts of interests can result in prosecution. Some, like public officials, are not allowed to do certain activities that provide personal gain since it can create a conflict of interest. However, most are handled by a civil lawsuit. According to thebalance.com, "if a company has proof that a board member profited from her role on the board, the board member has violated her duty and can be taken to court." Employees should understand how these laws apply to them. As mentioned earlier, if you were to recognize any signs of trouble, immediately get yourself out of the situation.