RISK MANAGEMENT PLAYS A CRITICAL ROLE IN PROTECTING INTELLECTUAL PROPERTY

Abstract

The aim of this paper is to have an in-depth analysis and collate the key elements and processes necessary for the development of an intellectual property risk management framework. Thus, it is considered what kind of activities should be conducted when managing intellectual property risks, i.e, the risk management process, and what kinds of tools and techniques exist to support intellectual property risk management. To be able to answer the research questions, several objectives need to be fulfilled. The objectives of the study are to: Identify the distinctive character of intellectual property. Define the concepts 'risk' and 'risk management". Identify and classify intellectual property risks Identify and describe different intellectual property risk management processes, approaches, and assisting tools and techniques. The study will analyse major risk prevention strategies (ex-ante risk management), risk mitigation strategies (ex-ante risk management), and risk coping strategies (ex-post risk management) that can be employed by business when dealing with intellectual property risks. The paper will further seek to understand the determinants of these different risk management strategies.

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