What is a recommended action when facing a conflict of interest?

When facing a conflict of interest, it is crucial to maintain ethical standards and transparency in professional relationships. Obtaining consent from both parties involved is a recommended action because it helps ensure that all stakeholders are aware of the potential conflict and agree to the course of action. This approach fosters trust and accountability, allowing both parties to make informed decisions about their interests and the implications of your involvement.

By securing consent, it demonstrates a commitment to ethical practices and allows for the possibility of resolving the conflict in a manner that considers the needs and rights of all involved. This proactive strategy can prevent misunderstandings and legal repercussions while reinforcing professional integrity.

The other options fail to address the ethical responsibilities in handling conflicts of interest. For instance, notifying only one party does not ensure full transparency and can lead to feelings of betrayal from the unnotified party. Ignoring the conflict may result in deterioration of relationships and potential violations of professional codes of conduct. Acting without notifying either party also compromises integrity and can lead to serious professional and legal ramifications.