While many companies appreciate intellectual property’s value, they have not yet extended the IP management function to include IP risk management – and, as such, have not quantified their own IP risk and its costs. Risk Management, Legal, Finance and Human Resources may all touch on IP and risk in varying capacities, but they typically do not take a coordinated, comprehensive approach to fully managing IP risk itself. Instead, costs to manage that risk tend to be siloed in Legal and Research & Development departments; as a result, the full context and benchmarking data evade companies, preventing them from determining how much they truly spend managing various IP risks. This is a financially costly approach that leaves organizations vulnerable.
Willis Towers Watson
July 24, 2018