What is the first step in dealing with a conflict of interest?

The first step in dealing with a conflict of interest is to identify the conflict. Recognizing that a conflict exists is crucial because it allows individuals or organizations to understand the nature of the issue at hand. This identification process involves being aware of situations where personal interests may interfere with professional duties, which is essential for maintaining integrity and ethical standards.

Once the conflict has been identified, it can be addressed appropriately through reporting, avoidance, or monitoring strategies. Understanding the specifics of the conflict enables individuals to evaluate how it may impact their responsibilities and to take informed steps to resolve or mitigate its effects.