Home > IP Solutions > IP Analytics & Intelligence > PatentSight > Risk Assessment > Risk Mitigation Businesspeople wearing masks in the office for illness prevention during COVID-19 pandemic Successfully Mitigate Risks That Can Harm Your Business Avoid potential risks by keeping track of your competitors and staying up-to-date on technological trends using LexisNexis® PatentSight® patent analytics. request demo ChallengesHow to mitigate riskSolutionRelated Resources One of the primary objectives of holding a patent portfolio is to mitigate risk. Patent Risk can manifest itself in many different ways. Being able to understand where risks lie, how to quantify and communicate risk to the C suite and proposing a strategy for mitigating that risk, is key. We conducted a global survey on how patent professionals quantify and mitigate patent risk. The results of the survey are eye-opening, painting a misleading picture of patent risk as Black Swans. download the report Have you ever asked these questions? How can I prepare my organization for the patent risks ahead? Many organizations use economic models (such as the Cipher Optimisation Model) to develop a patent strategy that anticipates and mitigates the risk posed by owners of ‘relevant to technologies’ you deploy. What information best conveys to the CTO and CFO the value delivered by our patent portfolio? Many companies cannot point to direct licensing revenue. There are, however, established ways to link the cost of your portfolio to the quantum of patent risk mitigated. Executives are aware of the substantial risk of paying away substantial royalties. Explaining the relationship between your patents and the ability to neutralize threats plays well before this audience. How can I measure the impact of our portfolio if the primary objective is to neutralize threats from third parties? The majority of companies agree that a well-balanced portfolio reduces the risk of patent litigation. Calculating your organization’s exposure to patent risk requires an objective and repeatable model, which takes account of the changing patent landscape and relative revenues. How Cipher can help with risk mitigation 1. Identify areas of risk What are the top areas of risk to your business? Use Cipher to understand where you may be over or understocked versus your competitors. 2. Develop a risk framework Categories and rank the different risk areas. Use Cipher’s Portfolio Optimization model and Benchmarking dashboard to quantify. 3. Internal communication Use a Risk Framework and Cipher model outcomes to propose risk mitigation solutions to the C-Suite. 4. Risk mitigation strategy Measure the effect of risk mitigation strategies and amend as a new risk arises. “Whatever your perspective, no-body wants to be unprepared for litigation. In today’s environment, the risks are so large that you want to be ready. While figuring out whether you have a balanced portfolio is hard, it’s something that more and more companies are taking very seriously. Erik Oliver COO Richardson Oliver Insights Tackling PAE Risk One area of patent risk to organizations is that from Patent Assertion Entities (PAEs, also referred to as NPEs). There are several ways to mitigate or reduce the risk of patent litigation. Becoming a member of organizations that can afford you protection, such as LOT Network, is one solution. LOT Network has over 1000 members and affords protection to over 2.7 million patents. Cipher is a proud member of LOT Network and supports LOT Network in maintaining the master list of all the 2.7 million patents owned by members and captured by the LOT umbrella. Analysis of the LOT Network patent portfolio can be viewed in the 2020 LOT Network Report. “Cipher gave us the ability to understand the technology landscape and was an important foundation layer in creating a strategy for protecting our innovations whilst enabling us to understand how best to deal with others in potential conflict areas. Lucy Wojcik Head of IPOcado How Cipher can help with risk mitigation Benchmarking your competitors With an objective and repeatable way to benchmark patents in your portfolio against your known competitors, threats and new entrants. learn more Rightsizing your portfolio We provide you with efficient access to the data you need to calculate and communicate the balance between the cost of your portfolio, measured against your litigation threats. learn More Dealing with patent assertion With Cipher, you can efficiently and effectively assess the relevance of large portfolios and be equipped with an evidence-based response to the threat. learn more As featured in… Please fill out the form with your details, and we will get in touch to schedule a demo. We are excited to show you an alternative to manually tagging patents and building long boolean queries to get your view of the technology landscape. With the automated classifiers, you can: Pull through all the latest patents in the technology area Analyze the results to understand new technology trends Benchmark your portfolio against your competitors Optimize your portfolio for monetisation or risk management Submit the form, and we’ll be in touch. Related Resources Management of Patent Risk Proactive approaches are key to patent risk management. Read our special report A Global View of Innovation An overview of how the world’s inventions are broken down. Watch the video Columns and Supreme Court CFC Underwriting Ltd. On Being Data Led to Accurately Assess IP Insurance Risk How an IP insurance leader uses data analytics to adapt to the changes in their industry. Read customer story Silhouette shadows of business people talking in office Wiggin LLP leverages LexisNexis Cipher to become true advisers to their clients How a law firm uses data analytics to build long-term partnerships with their clients. Read customer story
