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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