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Heading graphic reading 'Step 8 - Audits'.

Step 8: audits, assets, competitors, regulation and infringement

Build a regular audit into every IP protocol and policy, so the IP stays optimized and relevant.

The ten-step IP method

Step 08 / 10

Audits, Assets, Competitors, Regulation, Infringement

In a supply-chain venture

RIF’s portal is built to audit supply chains continuously: real-time ratings for every segment, and best-practice alerts whenever an operator’s SOP drifts from its industry vertical’s best practices. An IP audit applies the same discipline to the venture itself, comparing what you hold against what you should hold.⁠[1] For an open-source platform, that includes checking the licenses of every component the code relies on.⁠[2]⁠[3]

Key takeawaysstep 08

  • You cannot optimize assets you do not know you have.
  • Audit for opportunities, risks, weaknesses and competitors’ portfolios.
  • A current audit builds credibility for mergers, acquisitions, investment and licensing.
  • Have a top IP attorney review it if you can, and watch for regulatory change.

Know the whole portfolio

Understanding your IP, with an audit process in place, can make all the difference. If you do not know the full extent of your assets, it is hard to optimize them. An audit lets you track them, and sometimes find underused or undiscovered IP with value, for monetization or for branding.⁠[1]

Families, large or small, need proper nutrition; an IP portfolio needs audits to stay relevant and have a future. As you grow, as an entrepreneur or an organization, you may find that compliance procedures or guidance are not properly tailored to specific IP assets, and a regular best-practices audit program is how you find out.⁠[1]

What a good audit asks

Consider how scientifically the audit evaluates the IP assets:

  • Does it analyze the portfolio for new opportunities, risks or other advantages?
  • If there are risks or errors, how are they reported?
  • If you have the resources, is it reviewed by a certified IP examiner?
  • Does it analyze competitors and their asset portfolios?

An audit should also consider how to broaden the value: ways to extend the reach without infringing anyone else’s rights, and the best practices and safeguards that may need to be in place. If you have a protocol for analyzing potential opportunities, you also need safeguards against litigation, especially as an entrepreneur.

An audit can locate weaknesses in your IP portfolio and show how to strengthen its value and its enforceability.⁠[1] It also helps you set priorities that fit the economic realities of your project or organization.

Audits build credibility

For an organization or enterprise, an audit also gives the portfolio integrity in a proposed merger or acquisition, or a search for investment.⁠[1]⁠[3] It shows a potential partner that you have kept the portfolio up to date, and dealt with industry changes and new opportunities in the marketplace. It also signals that you are always looking for chances to license, and to create other liquidity or monetization events.

If you have the resources, it is always best to have a top IP attorney review the audit; they may spot cash left on the table, so to speak.

One more factor to review is any change in regulation that could directly affect the value and integrity of the IP; in supply chains, rules on data and on environmental, social and governance (ESG) reporting are examples of the kind of change to watch.⁠[4] A regular IP audit brings many opportunities and advantages to any entrepreneur or organization.

Create value: the neighboring steps

Heading graphic reading 'Steps - Create Value'.

Step 7: Ownership

Everyone who can reach your IP, or who creates new IP inside your organization, must know that you or the organization own it, in private and in public, unless written policies or agreements say otherwise.

Step 9: Infringement

The step most people neglect. IP creates value, and monetization creates more; that process needs integrity, without the cost of legal action over infringement.

Protect value: the full method

Heading graphic reading 'Next - Value Protect'.
  1. 01Idea
  2. 02Protect
  3. 03Plan
  4. 04Policies
  5. 05Access
  6. 06Agreements
  7. 07Ownership
  8. 08Audits
  9. 09Infringement
  10. 10Document

Steps 4 to 7: Policies, Access, Agreements, Ownership

These four steps lead toward monetization. Set policies for how your intellectual property is handled, decide what access means and how to protect it, put access and value under written agreements, and record who owns what.

Steps 8 to 10: Audits, Infringement, Documentation

Audit your intellectual property and the status of each asset. Understand what infringement means and how to tell whether you are infringing or being infringed. Then document: documentation is ultimately the most important part of monetization. Think of it as an audit trail, like the log a supply chain portal keeps for every segment.

All ten steps

References

  1. a b c d e Uncovering IP Risks and Potential: IP Audit. World Intellectual Property Organization (WIPO). wipo.int
  2. ↑ How to Protect Software with IP. World Intellectual Property Organization (WIPO), 12 June 2026. wipo.int
  3. a b How to Prepare for IP Due Diligence – The Ultimate Guide for Ventures. World Intellectual Property Organization (WIPO), 14 July 2026. wipo.int
  4. ↑ Environmental, social, and governance. Wikipedia. en.wikipedia.org
  5. ↑ RIF Industries: Technology and intellectual property. Maynard L. Dokken, the record. maynardldokken.com/rif-industries/#technology
  6. ↑ MarkCrest: The intellectual-property practice. Maynard L. Dokken, the record. maynardldokken.com/markcrest/#practice
  7. ↑ Step 8: Audits, Assets, Competitors, Regulation, Infringement. MarkCrest. markcrest.co

Every source above was opened and checked on 3 November 2026.

Further reading

Background on the subjects of this page, not cited above. Each link was opened and checked on 3 November 2026.