WASHINGTON — Theft of trade secrets and other intellectual property (IP) are an urgent concern for business: 39% of global companies report that “attacks from data thieves” are a threat to their trade secrets and other corporate information, and 53% of risk managers acknowledge that loss of or threats to intellectual property has damaged their companies' financial performance.
The Center for Responsible Enterprise and Trade (CREATe.org) today releases a whitepaper outlining how companies can better safeguard their key corporate IP assets, and better mitigate the risks of counterfeiting, piracy and trade secret theft, by integrating intellectual property protection into their Enterprise Risk Management programs.
Entitled Protecting Intellectual Property Through Enterprise Risk Management, the whitepaper outlines how companies can follow the approach of the major ERM standards and frameworks already in place to address strategic, financial, operational, compliance and reputational risks. The paper examines how companies can:
* Use ERM more effectively to “identify, assess and manage” IP-related risks;
* Address IP risks that arise in the closely related areas of information technology (IT) security and supply-chain compliance; and
* Understand the elements of an effective IP protection program and ways to integrate IP protection into existing business processes and procedures.
Also included are case studies and practical templates and checklists designed to be useful for both small and large companies as they seek to identify, assess and manage IP-related risks.
“Companies spend countless resources developing intellectual property, which when compromised, can result in significant corporate damage ranging from lost business and competitiveness to reputation and financial loss,” stated Pamela Passman, President and CEO of CREATe.org. “This paper illustrates how companies can take a proactive approach to mitigate IP-related risks without 'reinventing the wheel.'”
ERM is a fundamental tool for helping a company shift from dealing with negative events reactively to taking a preventative approach to the risks that it faces, and for strategically allocating resources to reduce the company's risks internally and in its end-to-end supply chain.
Although intellectual property is central to the success of most companies, many do not routinely examine intellectual property risks in any detail, or they simply consider them in isolation without reference to other related types of security or compliance risks. Some companies fail to consider how to manage the IP-related risks in their supply chain or with vendors-a vital element for shifting from a reactive to a preventative approach.
By taking a holistic approach implemented through the company's management systems and business processes, companies can deal with a range of very different risks in an organized and integrated way.
Please visit www.CREATe.org to download the report.