As defined by WIPO, an IP audit is a systematic review of the IP owned, used or acquired by a business, so as to assess and manage risk, remedy problems and implement best practices in IP asset management. It is important to know what IP your business has. IP audits cover everything ranging from trademarks, brands, patents, trade secrets, copyright, domain names to contracts including licenses, business information such as customer and marketing lists, and financial information.
A regular audit can help to keep your IP portfolio strong, current and maximize the value of your IP spend. It helps a business to
- Uncover under-utilized IP assets
- Identify any threats to a company’s bottom line.
- Analyse whether these IP assets are infringing the rights of others or others are infringing on these rights.
- Enable business planners to devise informed strategies that will maintain and improve the company’s market position and fulfil the relevant business goals of the company.
Once the audit is completed, then a register should be kept of your IP rights.
For more information on IP audits kindly refer to
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