COI Full Form: Conflict of Interest
A conflict of interest (COI) refers to a situation where an individual or organization has competing interests or loyalties. A conflict of interest arises when a person becomes unreliable because of a clash between personal and professional interests. This clash often makes it difficult for the person to fulfill their duties impartially.
There are several types of conflicts of interest:
Financial COI - This occurs when an individual or organization stands to gain financially from a decision they are involved in making. For example, a person reviewing proposals for funding cannot objectively assess a proposal from a company they own shares in.
Personal COI – This arises when a person’s family relationships, friendships or other close personal connections could influence their judgment or decision-making. For example, a manager should not be involved in hiring processes involving a family member.
Business COI – This can arise when a person has connections, loyalties or roles with multiple organizations that are in direct competition or have other competing interests. Serving on the boards of multiple rival companies can lead to COI.
Political COI – This can occur when a person’s political affiliations or beliefs conflict with the duties and expectations of their role. For example, a civil servant campaigning for a political party can compromise their neutrality.
It is important that real or perceived COIs are disclosed, reviewed, and properly managed to maintain ethics and trust. Many professions and organizations have codes of conduct requiring disclosure of COI. Recusing oneself from decisions or processes where COI exists is a common mitigation strategy. Properly identifying and addressing COI is vital for upholding integrity and objectivity in organizations and society.
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