The purpose of this voluntary standard is to provide practical requirements for the establishment and implementation of an Intellectual Property Protection Management System (IPPMS) designed to improve the protection of all types of intellectual property within an organization and at all levels of its global supply chain.
RESTON, VA. – (BUSINESS WIRE) – Intellectual property, or “IP,” is the most significant asset owned by many companies, manufacturers, distributors and other companies engaged in international trade. It therefore represents both the greatest opportunity and one of the greatest risks for the global supply chain. Given the complexity of intellectual property, its security requires that market participants understand and correctly implement safeguards to protect trademarks, copyrights and patents both internally and across global supply chains to protect away.
Today the Licensing Executives Society of the United States and Canada (LES) initiated a 45-day public review period for the LES draft standard, “Protecting Intellectual Property (IP) in the Global Supply Chain.” The public review period ends on May 31, 2021. Developed by the LES IP protection in the Supply Chain Standards CommitteeThe draft standard defines a set of common expectations that companies can voluntarily pursue and employ tactics to protect their intellectual property in global networks of business partners, suppliers and customers.
LES encourages those who wish to learn more about the standard and add their thoughts and perspectives to its refinement to participate in the public review by visiting the public review website at https://members.lesusacanada.org/general/custom.asp?page=Standards-Review.
“The global supply chain poses both risks and opportunities to intellectual property. The purpose of this standard is to mitigate those risks so that the opportunities are not diluted,” said Gillian Fenton, president and chairman of LES. “Across sectors and across borders, the events of the past year have shown how global cooperation can serve economic and public interests and how intellectual property lives in the epicenter of this reality. The draft standard will help companies understand that filing patents, registering trademarks, and relying on contracts are not enough to protect intellectual property in today’s global economy. Our standard enables companies to more proactively demonstrate their commitment to protecting their most valuable assets, thereby giving everyone more secure access to the essential benefits of the global supply chain. ”
The LES Committee on IP Protection in Supply Chain Standards is led by subject matter experts from organizations across the supply chain industry, including corporations, universities, consulting firms and law firms. The document sets out a number of requirements for the management system related to intellectual property, including policies and procedures, risk assessment, third party management, information technology and physical security, monitoring and corrective actions, training and awareness, and management engagement.
In particular, the Committee points out three notable features of the standard that make it particularly well suited to the needs of the market:
It’s flexible. The standard contains a “maturity matrix” with which companies can use a scale from one to five to determine the extent to which compliance with the standard is appropriate for them and / or others in their continuous supply chain and over what period of time.
It is based on practice. The standard was developed with a direct and ongoing connection to the IP challenges and the prevailing realities of those tasked with IP management and protection in global supply chains
It applies to the entire supply chain. A company can use the standard in a number of ways and in a manner of its own choosing – as an internal checklist to review compliance with supply chain partners, and / or as a reference for a third party to conduct an independent review.
The LES Standards Initiative has encouraged IP thought leaders around the world to do so Participated in the public review of the LES draft standard during its development. As an accredited standards developer of the American National Standards Institute (ANSI), LES is now offering a 45 day public review period to encourage manufacturers, distributors and interested stakeholders to represent the interests of each organization and help shape this field for the US future.
This latest draft of the standard includes the perspectives that stakeholders offered during an earlier public review period a year ago. Upon completion of the public review period, the standard must be approved by the LES Board of Directors prior to adoption and rated with a yes vote by the organization’s Consensus Standards Partnership (CSP).
“It was a rigorous process for the LES Standards Committee to develop this standard,” said committee chairman Craig Moss. “Our goal is to create common expectations for the elements of an IP protection management system and to enable any company to demonstrate that it has the business processes to protect its own IP and that of third parties. Including the perspectives of a wide variety of stakeholders took time, effort, and collaboration. The result is a standard that takes a pragmatic approach and strikes the right balance between providing guidance to ensure compliance with best practices without obligations that may make the standard too complicated or too burdensome to adopt. ”
Participate in the LES IP Protection in Supply Chain Standards Committee
To become a member of the LES Standards Program and Committee on IP Protection in Supply Chain Standards, visit https://www.lesusacanada.org/licensing-standards-initiative/. LES Standards Committee members interested in joining supply chain IP protection can register on the LES website to attend meetings and calls.
Join the LES Standards Initiative
The ANSI Accredited LES Standards Program provides organizations and individuals with the best practices and standards they need to improve the way they conduct IP transactions, protect their innovation, use IP in their business strategies, and IP third-party management. To learn more, visit: https://www.lesusacanada.org/licensing-standards-initiative/.
Through the Licensing Executives Society (USA and Canada), Inc.
The Licensing Executives Society (USA and Canada), Inc. (LES) was founded in 1965 and is a 2,800 member professional society engaged in the creation, commercial development and proper assignment of intellectual property rights. Protection and management of intellectual capital; Development of standards for the management of intellectual capital. LES members include accountants, business leaders, business model innovators, consultants, deal makers, economists, engineers, IP valuation experts, lawyers, license managers, lobbyists, mergers and acquisitions experts, politicians, scientists, strategic planners, supply chain managers and tax specialists and technology transfer specialists. These members represent innovation-oriented companies of all sizes and types – such as government laboratories, professional service companies, universities, operating companies, regulators, licensing specialist companies and trade associations. LES is a member of the Licensing Executives Society International, Inc. (LESI), which has 32 sister societies with 7,500 members in 90 countries. www.lesusacanada.org.