What is a key element in the definition of a conflict of interest?

A key element in the definition of a conflict of interest is personal gain. This concept arises when an individual has an interest that could improperly influence their professional actions or decisions. A conflict of interest occurs when the pursuit of personal benefit, whether financial or otherwise, has the potential to compromise the integrity of judgment in professional settings.

In many professional roles, individuals are expected to prioritize the interests of their clients or employers over their own personal interests. When personal gain is involved, it raises concerns about the objectivity and impartiality of decisions, leading to potential ethical dilemmas.

Understanding personal gain as a fundamental component helps in identifying situations where a conflict may arise, allowing for better management and mitigation of ethical risks. This focus on personal benefit emphasizes the importance of maintaining transparency and integrity in all professional dealings to uphold trust and accountability.