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Conflicts of interest occur in all businesses. The important thing is to make sure that you and your employees know the process to declare them.

Conflicts of interest arise when the personal interests of an employee conflict with the professional interests of a business.

Examples of conflicts of interest include:

  • an employee starts a part-time business offering similar services
  • an employee accepts a gift from a supplier in exchange for business over other suppliers
  • a manager fails to disclose that they are related to a candidate being considered for a job

Even the perception of a conflict of interest can damage your business’ reputation.

If you have a code of conduct or a conflict of interest policy, you can hold your staff accountable.

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Understand why you should maintain policies, procedures and processes in your business.