What defines a conflict of interest?

A conflict of interest is fundamentally understood as a situation where an individual's decisions or actions are influenced by personal interests, resulting in a benefit to themselves that comes at the expense of another party's interests. This can manifest in various scenarios, such as when a person takes actions that serve their own financial interests or personal relationships instead of making decisions that are best for their organization, stakeholders, or clients.

Choosing the correct answer highlights this essential concept, illustrating that conflicts arise when personal gain compromises impartiality or professional responsibilities. In this context, actions that benefit oneself detrimental to others encapsulate the essence of a conflict of interest, as they create ethical and legal dilemmas, particularly in professional settings.

The other options, while they can suggest unethical behavior, do not capture the specific elements of a conflict of interest as clearly as the chosen answer does. Bribery, favoritism, and collaboration with competitors can lead to questionable practices but do not inherently define the personal benefits at the expense of others that characterize a conflict of interest.