conflict-of-interest

Vocabulary Word

Definition

'Conflict-of-interest' is when someone is in a situation where what they personally like or want affects their ability to make fair decisions. It's like a teacher grading their own child's test. They might not be able to be completely fair because they want their child to do well.

Examples in Different Contexts

In business management, managing conflicts of interest is key to ensuring decisions are made in the best interest of the company. A CEO might state, 'We have strict policies to manage conflicts of interest, protecting our company's reputation and stakeholder trust.'

Practice Scenarios

Marketing

Scenario:

Our brand ambassador was spotted at a fashion show wearing products from one of our rivals. This could affect our brand's reputation.

Response:

We need to address this. It appears to be a clear conflict-of-interest, and it may harm our brand's trust.

Business

Scenario:

I've been hearing rumors that our new procurement officer secretly owns a big stake in one of our primary suppliers.

Response:

If those rumors are true, we have a significant conflict-of-interest issue that needs urgent resolution.