Final answer:
Conflicts of interest in business involve choices between personal, organizational, or societal interests and are often addressed through codes of ethics, such as those implemented by professional organizations like IEEE.
Step-by-step explanation:
Conflicts of interest arise when employees face a choice between advancing their own personal interests, those of the organization, or those of another group. They can manifest in a variety of scenarios, including but not limited to: accepting bribes, facing a dilemma to carry out an assignment perceived to be unethical, or deciding whether to report an unethical coworker. Conflicts of interest can exist on many levels, from personal decisions impacting organizational welfare, to broader societal issues such as taxation and public health regulations.
Businesses and professional organizations often address these conflicts through the creation and enforcement of codes of ethics, which provide guidance for decision-making that aligns with the best interest of the organization and society. For example, the IEEE Computer Society established the Software Engineering Code of Ethics to ensure that software engineers act responsibly and in the public interest. Such ethical frameworks seek to minimize the impact of potential conflicts and encourage actions that promote corporate responsibility and collective well-being.