A master's organizational leadership graduate of Gonzaga University, Chad Kluemper has held various roles in companies such as Precise Metal Products and American Express. Chad Kluemper now works as a senior program manager at Honeywell Aerospace, where he supervises the company’s intellectual property (IP) audit.
Intellectual properties owned or acquired by a business undergo a systematic review called IP audit. The review seeks to evaluate and manage risks, solve any identified problem, preserve, maximize, and enhance IP assets, and implement the best practices applied during intellectual property asset management. Aside from assessing the company’s intellectual property assets, an IP audit also involves a review of the business’ agreements, policies, and procedures related to its intellectual properties.
In addition, an IP audit determines the intellectual properties owned by a company. Such information helps the company in making decisions on how to protect and develop, acquire proper licensing, and prevent exploitation of its intellectual properties.
Finally, an IP audit also preserves and enhances the value of a company’s current intellectual properties. Backed by federal and state laws, which protect a business’ trademarks, trade secrets, and copyrights, intellectual properties may decrease their protection due to miscalculated steps. The audit helps in identifying and addressing these errors and wrong actions in order to avoid loss and increase the value of the company’s existing properties.
