Conflict of Interest Policy Template

Description

The Conflict of Interest Policy template sets out how staff and workers of the organisation are to manage a conflict of interest or potential conflict of interest situation.

This editable template has clear guidance notes to allow you to customise this document to your business.

The Conflict of Interest Policy sets out the following topics:

1. Overview: Scope, Application, Administration and Purpose
2. General notes
3. The impact of conflict of interest situations
4. Specific relationships that may create conflicts of interest
5. Conflict of Interest Officer
6. Reporting a conflict of interest situation
7. Managing conflicts of interest
8. Organisation Policies and Procedures

Why does my business need a Conflict of Interest Policy?

A Conflict of Interest Policy should be used by all businesses in order to maintain clarity, trust and best practice for managing conflicts of interest.

A Conflict of Interest occurs when an employee’s personal interests conflict with the interests of the businesses. Conflicts of interest can arise between your business and any other party involved in your business affairs. For example, if engaging contractors or a third party organisation It is important to have a Conflict of Interest Policy in place to ensure that the work of the other party does not interfere or directly conflict with your business outcomes or objectives.

A Conflict of Interest Policy assists your business by outlining employee obligations (or the obligations of other parties such as contractors and third party organisations) to aid in the prevention of conflicts of interest.

Implementing a Conflict of Interest Policy helps your business to prevent:

• Biased decisions resulting in only certain employees being offered opportunities.
• Contractors and third party organisations from launching conflicting campaigns or business plans which indirectly, directly, or in some other way appear to, conflict with your business outcomes.
• Fraudulent activity amongst employees and other parties engaged with your business.

If you want to maintain your businesses integrity and assist in the prevention of conflicting activities which could directly affect your businesses financial outcomes or other goals, we suggest purchasing Business Kitz Conflict of Interest Policy Template.

To further streamline processes and workplace culture, take a look at our Code of Conduct Template to assist your employees in knowing what behaviour is expected of them.