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Conflicts of interest arise when an individual's personal interests could improperly influence their professional decisions. These conflicts can lead to biased actions, potentially compromising fairness and integrity in the workplace or other professional settings. Conflicts of interest are not inherently illegal, but they must be managed transparently to avoid unethical outcomes. True examples include situations where an employee benefits financially from a company decision or when they use inside information for personal gain. Organizations often have policies to identify and address conflicts of interest to ensure ethical behavior and maintain trust among stakeholders.