Podcast
Questions and Answers
A conflict of interest occurs when an employee's personal interests could affect their professional ______, decisions, or actions.
A conflict of interest occurs when an employee's personal interests could affect their professional ______, decisions, or actions.
judgment
CIPS considers conflicts of interest to be an ethical risk in ______.
CIPS considers conflicts of interest to be an ethical risk in ______.
procurement
Examples of conflicts of interest include having a ______ interest in a company that is doing business with the organization.
Examples of conflicts of interest include having a ______ interest in a company that is doing business with the organization.
financial
To manage conflicts of interest, you should comply with internal policies on conflicts of ______.
To manage conflicts of interest, you should comply with internal policies on conflicts of ______.
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You should avoid placing yourself in a position where your personal interests could affect your professional ______.
You should avoid placing yourself in a position where your personal interests could affect your professional ______.
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Study Notes
Conflict of Interest in Procurement
- A conflict of interest arises when personal interests might influence professional judgment, decisions, or actions.
- CIPS (Chartered Institute of Procurement and Supply) views conflicts of interest as an ethical risk in procurement.
Examples of Conflicts of Interest
- Holding a financial stake in a company dealing with the organization.
- Having a close personal or professional connection with someone employed by a company transacting business with the organization.
- Misusing organizational information for personal gain.
- Engaging in part-time work or consulting without authorization.
Managing Conflicts of Interest
- Prevent situations where personal interests could impact professional duties.
- Adhere to internal policies on conflicts of interest.
- Assign tasks to colleagues without conflicting interests.
- Disengage from the situation if a conflict is clear and the business deems it crucial.
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Description
Explore the complexities of conflicts of interest in procurement settings. This quiz examines how personal interests can influence professional decisions and outlines best practices for managing these situations ethically. Learn about examples and strategies to maintain integrity in procurement processes.
