Conflict Of Interest: The Components Of The Conflict Of Interest

At the point when leading a team there must be a shared comprehension and being straightforward with all included. Being straightforward will motivate others to be honest, have truthfulness and be forthright when volunteering information that the other individual may need to know. (Josephson, 2002, p. 8) This goes for both leaders and non-leaders being honest will dependably the best strategy.
Similarly critical, individuals need to defend what they have faith in as this will take strength and trustworthiness. For instance, both Abraham Lincoln and Rosa parks exemplified courage and stood up for what they believed in. When the civil war approached Washington, D.C., the President risked being shot in order to show support for his troops.

Remaining biased will help to make a conclusion based on the facts at hand. When an individual has already drawn a conclusion, but doesn’t have the facts and this will animosity between both parties.
Equally important, having transparency is one of the key components to eliminate a conflict of interest. Letting other’s know where one might have a stance on will maybe help direct the conversation. For example, if the leader is interviewing applicants for a position within their department and one of the applicants they have known for years comes across their desk, this could be a conflict of interest. Rather than having the leader individual interview this person they should excuse themselves from the interview process to eliminate a conflict of interest. If the leader happens to stay on the board for the interview, others could see this as bias and others not being treated fairly. Giving full disclosure requires little substantive change; often the only reliable way to remove destructive effects of conflict of interest is to remove the conflict. In other words, “transparency is well and good, but accuracy and objectivity are even better. Wall Street doesn’t keep confessing its sins. It just has to stop committing them,” as stated by New Yorker’s James Surowieski in 2005 (Cain & Kaplan, 2016, p.