Conflict Of Interest Policy Template

Did you know these facts about conflict of interest?

• Conflict of interest is a serious liability and might include biased behaviour while hiring a new employee, using company property for the advantage of a personal or family business, and sharing classified information with rivals.
• A conflict of interest policy is an official document that clearly defines how a company’s employees should behave in and outside of the workplace on a day-to-day basis to perform business tasks that are in the best interests of the company.
• Conflict of interest policy can be a guide to disclosing and managing conflicts of interest.

Conflict of Interest Policy overview

This conflict of interest policy covers what conflict of interest is and provides guidelines for the professional standards required to work in the best interest of your organisation. It deals with the standards of behaviour expected when employees are making use of company property, engaging in business activities with clients, suppliers, regulatory authorities, and the general public, and performing overall business operations.

This conflict of interest policy template can be adapted to meet the specific needs of your organisation. You can change as little or as much of the content as you like. Some sections may be governed by state and federal legislation. It is important that you seek your own HR or legal advice, maintain this policy as legislation changes and adjust it to meet your requirements.

Target audience

This conflict of interest workplace policy template is suitable for all your employees. Once you have adjusted the conflict of interest policy template to meet the specific requirements of your organisation, you can deliver it to new starters at induction and as refresher training on a regular basis.

Topics covered

The following topics are covered in this conflict of interest policy:

• Defining and identifying a conflict of interest
• Responsibilities of employees
• Responsibility of managers/supervisors
• Disclosing of conflicts of interests
• Managing conflicts of interests
• Disciplinary actions.

Duration

This conflict of interest policy will take approximately five minutes to complete.

Learning outcomes

The following learning outcomes will be achieved upon completion of this conflict of interest policy:

• Understand the professional standards of behaviour that are expected to be followed inside and outside of the workplace.
• Recognise the types of behaviour that constitute a conflict of interest.
• Understand that everyone has a responsibility to contribute to a dedicated and credible workforce.
• Recognise personal responsibility to comply with this conflict of interest policy.
• Know how to disclose known or suspected conflicts of interest.
• Acknowledge that the conflict of interest policy does not cover every possible event or action and that caution and common sense are required.

Business outcomes

Once all employees, contractors and volunteers have completed your conflict of interest policy, the following business outcomes will be achieved for your organisation:

• Reduce the incidents of conflict of interest in your workplace.
• Mitigate the risk of legal liability associated with conflict of interest.
• Protect your reputation from the damage caused by incidents of conflict of interest in the workplace and confidential information being passed to competitors.
• Present a vision for professional standards in your workplace.
• Increase engagement by supporting a workplace culture to resolve incidents of conflict of interest.