Question

Which of the following statements is/are considered an effective way to manage potential conflicts of interest? (check all that apply)

a. Fully disclose the facts surrounding the conflict and obtain knowledgeable consent from the grantor and/or all beneficiaries.
b. Obtain court approval from the transaction.
c. Seek written direction from the grantor of an irrevocable trust where the bank has full discretion.
d. Implement policies and procedures that effectively identify, monitor, and control potential conflicts.

Answer 1

Proper management of potential conflicts of interest in human subject research relies on obtaining informed consent, which ensures transparency, voluntary participation, and confidentiality, with additional oversight by an IRB.

Step-by-step explanation:

The effective way to manage potential conflicts of interest in research involving human subjects is through obtaining informed consent. This process involves providing a written description of what participants can expect, including potential risks and implications, ensuring that participation is voluntary, and guaranteeing confidentiality of data collected. Additionally, an Institutional Review Board (IRB) must approve academic case studies to assure adherence to ethical codes and laws that protect research participants.

As part of informed consent, researchers must also respect subjects' rights to privacy and dignity, protect subjects from personal harm, preserve confidentiality, and maintain the autonomy of participants. Special attention is needed for vulnerable populations to avoid coercion, such as offering incentives that can compromise the voluntary nature of participation.

When conducting research, maximum care must be taken to stay objective and transparent to safeguard the well-being and rights of the participants, especially when handling sensitive data or managing communication with collaborators or subjects.