WHY SUFFER THE DAMAGE, WHEN YOU CAN PREVENT IT
Intellectual property includes the patent, trademark, copyright, and trade secrets. IPR, intellectual property rights deal with all the aspects
of inventory skills or objects for its protection. These legal rights provide
the creator's security of originality of the product including the inventions,
artistic work, or in fact advancement in science. World health organization
provides minimum standards that are required for the protection of intellectual
property. All intellectual rights are territorial apart from copyright, it
is global.
Intellectual property risk management includes identification,
analyzing, and responding to the risks and taking preventive measures to avoid
them. Risk is the possibility of something going wrong whereas, damage is
something that has harmful effects on the organization. For the risk
assessment, there should be precautions taken hence, it is a proactive process.
Damage requires recovery; hence it is a reactive process. Risk management
includes planning, budgeting as well as cost control to minimize the damage to property.
KNOWING THE SOURCE OF RISK
IP related risks arise from various sources such as;
- Risk within the organization: the majority of the cases
have been observed either by negligence or by deliberate action depending
on the intention by an employee working in the organization.
- The risk for entities in the environment: the outsourcing of work requires the involvement of a person. The official words spread among the outsiders which creates a risk of damage.
- The risk from competitors: the companies selling or
manufacturing similar products are at high risk for intellectual
property.
- The risk from 3rd party entities: the organizations that
involve in providing patents or registering IP are also a big risk for the
organization as they too have lots of information in giving patents.
- The risk from government entities: risks related to
Intellectual properties also come from the government departments which
are holding up the industries for the same.
- The risk from illegal entities: the entities like hackers
and other cyber criminalists also create a severe threat to the
intellectual properties by an illicit gathering of information.
Intellectual property risk management ensures that the organization
is ready for the threats that can be caused. Risk involves all the possibility
of the organization being compromised for its products and manufacturing and
management is the body prepared to deal with it. Understanding the risk plays a
potential role in the upliftment of a company.
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