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Episode 9: What Is an IP Audit? The Hidden Risks Every Business Should Know About
Real stories. Real lessons. The protection your business needs.
If you’re a founder, SME, brand owner or IP professional, this third episode of Season 2 of Figure 1: an IP conversation offers valuable guidance about why an intellectual property (IP) audit can be one of the most valuable strategic exercises for any business.
Albright IP Managing Director Robert Games is joined by Dr William Doherty, Patent Attorney and Director of Albright IP, to unpack the detail around IP Audits.
Do you know whether your patents, trade marks, registered designs and copyright are properly protected? Could your business be exposed to unnecessary risk without realising it? In this video, Robert and Will explain what an IP audit is, how the process works, and why it helps businesses identify valuable intellectual property assets, uncover hidden risks, and develop a stronger long-term IP strategy. They also discuss how an IP audit can reveal overlooked opportunities, from strengthening patent protection to ensuring ownership agreements are in place and even identifying commercial benefits such as Patent Box corporation tax relief.
If you’re looking to understand what an IP audit is, why your business needs one, or how to protect your intellectual property, this episode offers practical, commercially focused guidance from experienced UK patent attorneys.
The episode covers:
- What an IP audit is and why businesses should carry one out
- How an IP audit identifies gaps in patents, trade marks, registered designs and copyright
- Why SMEs benefit from reviewing their intellectual property strategy
- Common IP risks businesses often overlook
- Missing assignment agreements and ownership of intellectual property
- How competitor analysis forms part of an effective IP audit
- The role of patents, trade marks and design rights in business growth
- How an IP audit supports long-term commercial strategy
- What information businesses need before an IP audit
- The practical recommendations businesses receive after an audit
- How an IP audit can uncover hidden commercial opportunities
- Why proactive IP management helps reduce future legal and commercial risks
Video Time Stamps:
00:01 – Intro
00:53 – What is an IP audit?
01:52 – Why should an SME care about having an IP audit?
03:02 – What happens in the IP Audit and how do you go about it?
04:25 – What surprises clients during an IP audit?
06:32 – What materials do you need for an IP audit?
10:08 – How long does it take?
11:53 – How does an IP audit feed into a long-term business strategy?
14:28 – Key takeaway
14:54 – Outro
Subscribe on YouTube for more episodes covering:
- Artificial Intelligence (AI)
- Patents
- Trade Marks
- Software Protection
- Intellectual Property
- Innovation
- Technology Law
- Start-ups and SMEs

