How can you assess IP risk accurately?

1 Identify the IP involved

The first step is to identify the IP involved in your contract, project, or business activity. This may include patents, trademarks, copyrights, trade secrets, or other forms of IP. You should also consider the IP of your partners, suppliers, customers, or competitors that may affect your operations. For example, you may need to check if your product infringes on any existing patents, or if you have the right to use a licensed software.

2 Analyze the IP environment

The next step is to analyze the IP environment in which you operate. This means understanding the legal, regulatory, market, and technological factors that may impact your IP. For example, you may need to research the IP laws and policies of the countries where you do business, or the industry standards and best practices for your sector. You may also need to monitor the IP trends and developments that may create opportunities or threats for your IP.

3 Evaluate the IP impact

The third step is to evaluate the impact of the IP on your objectives, performance, and reputation. This means estimating the potential benefits and costs of your IP, as well as the risks and opportunities associated with it. For example, you may need to calculate the return on investment (ROI) of your IP, or the potential damages or penalties if you violate someone else's IP. You may also need to assess the value of your IP to your customers, partners, or stakeholders.

4 Mitigate the IP risk

The fourth step is to mitigate the IP risk by implementing appropriate strategies and actions. This means reducing the likelihood and severity of negative outcomes, and enhancing the chances and magnitude of positive outcomes. For example, you may need to register or protect your IP, or negotiate or enforce your IP contracts. You may also need to improve or innovate your IP, or collaborate or license your IP.

5 Monitor the IP performance

The fifth step is to monitor the IP performance by measuring and tracking the results and feedback. This means collecting and analyzing data and information that indicate how well your IP is achieving your goals and meeting your expectations. For example, you may need to use indicators and metrics such as IP revenue, market share, customer satisfaction, or quality. You may also need to solicit and respond to feedback from your customers, partners, or regulators.

6 Review and improve the IP process

The sixth step is to review and improve the IP process by identifying and addressing the gaps and issues. This means evaluating and learning from your successes and failures, and making adjustments and improvements accordingly. For example, you may need to update or revise your IP policies, procedures, or plans. You may also need to train or educate your staff, or seek external advice or support.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?