Structure of answer:

• Introduction (About conflict of interest)
• What is conflict of interest?
• Difference between the actual and potential conflict of interest.
• Conclusion.

Key points:

• Interest conflicts are caused by competition over perceived or actual incompatible needs. Such conflicts may occur over issues of money, resources, or time.
• Relationship conflicts occur when there are misperceptions, strong negative emotions, or poor communication.
• Ethics and Conflict of Interest.
• I define a conflict of interest as “a situation in which a person, such as a public official, an employee, or a professional, has a private or personal interest sufficient to appear to influence the objective exercise of his or her official duties.
• Types of conflict of interest and duty. A conflict of interest is where an employee or director has private interests that could improperly influence, or be seen to influence, their decisions or actions in the performance of their public duties.