By Adam Turteltaub

Conflicts of interests make up a large part of any compliance job, and few spend more time pondering them than Jeff Kaplan, a partner in the law firm of Kaplan & Walker and the editor of the Conflict of Interest blog.

The most common conflicts, Jeff explains in this podcast, are economic:  ownership or employment with customers, competitors and suppliers.  But that’s just a part of the challenge.  Money borrowed or owed to someone can create a conflict, as well as other personal ties.

So how do you manage this tricky risk area that any organization faces?  Jeff offers several pieces of advice including:

* Think broadly

* Conduct a risk assessment

* Look to organizational conflicts of interest

* Develop clear policies, and think about creating FAQs, as well

* Plan on regular audits

* Be sure to train your workforce to identify conflicts, and don’t forget the board’s potential conflicts

* Understand that disclosures carry risks of their own

* Centralize as much as you possibly can

Listen in to learn more (but recognize that I have a conflict of interest when I suggest that you do).