White Paper - Conflict of Interest Definitions

Whitepaper

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Author

Barry Davidow

Bcom, BAcc, MTaxLaw, ACA, CFE, CRMA, PFIIA

Date

2023

Topics Explored

Risk Management, Ethics + Culture

Format

White Paper

Extract/Description

This White Paper was written to help organisations work out the most appropriate definition of conflicts of interest for their purposes. The definition of a conflict of interest for an organisation determines what situations get disclosed. If the definition is too restrictive people will not declare situations that are a threat to the organisation and really need to be managed. If the definition is too loose the organisation may be swamped with disclosures that are irrelevant and distract from the significant conflicts of interest.

Key Points

1. The definition of a conflict of interest is important as it dictates what will or will not be disclosed, what will be managed and the consequences for not disclosing or properly managing conflicts of interest. It is the starting point that determines everything thereafter, including how your stakeholders, regulators, tribunals, the media and the public react to your actions.

2. You should carefully consider what is the most appropriate definition of a conflict of interest for your organisation.