IPAN’s recent ground-breaking virtual network event, “Artificial Intelligence (AI) and ISO Standards to support IP Management, Governance, and Investment”, took place on 24 November 2021. The panel of speakers, who share a wealth of experience between them across several disciplines, examined how AI, Data Analytics, and new IP-related ISO standards could support IP management, corporate governance, and investment in the UK and global IP ecosystem.
Ian Rosam, Director of HPO Risk Solutions Ltd and author of Auditing for the 21st Century (2006) and Process Management Auditing for ISP 9001 (2008), discussed how firms use AI systems to inform IP rights management and corporate decision-making. He explained that organisations will increasingly rely on AI to assess people, behaviours and IP culture.
Nigel Worth, Principal of Innovation Support Services and Chair of the Institute of Intellectual Property Licensing, continued the theme. Nigel focussed on how better quality IP information supports the credibility of IP valuation available to investors when selecting IP-rich firms to finance. He opined that ‘Directors are very adaptable’ to new trends and that improvements to reduce IP risk while adhering to an IP portfolio diversity strategy remain key.
Next, Kelvin King, Founder and Director Valuation Consulting and author of the original two chapters for RICS Red Book Business and IP Valuation Standards and author of Valuation and Exploitation of Intellectual Property and Intangible Assets (2003) gave the audience an overview of the fascinating history of IP valuation in the UK. Kelvin highlighted the recent Royal Institute of Chartered Surveyors’ IP Valuation Standards which will educate and certify the evolving profession of specialist IP valuers.
Finally, Associate Professor Dr Janice Denoncourt (Nottingham Law School), author of Intellectual Property, Finance and Corporate Governance (2018), stated that we are living in a global ‘transformative shift’ from traditional values. Unlocking the quantitative and qualitative value of intangibles, IP assets using AI technologies will be an important aspect of achieving a sustainable economy and supporting the United Nations 2030 Sustainable Development Goals. She believes this will involve a crossover been the fields of accounting, law and technology. Dr Denoncourt reported an exciting development announced on 3 November 2021 at COP 26 in Glasgow. The IFRP launched its new International Sustainability Standards corporate governance and reporting standards and the formation of the ISS Board (ISSB). The ISSB aims to develop a global baseline of high-quality sustainability disclosure standards, urgently, by June 2022 to meet investors’ information needs. Under the new ISSB-led guidelines, non-financial information such as corporate IP assets will be as important as traditional financial information (e.g. a company’s balance sheet and profit and loss statements). Accordingly, there will be an opportunity for intangibles, IP, and AI professional experts to contribute to corporate governance where strategic IP information has often been invisible or lacked priority.
The pioneering multi-disciplinary event was co-organised by IPAN directors Janice Denoncourt and Nigel Worth. John Ogier, IPAN Chairman, led the Q&A panel session. Thanks to our panel of speakers and all those who attended. The slides from Dr Janice Denoncourt, Nigel Worth and Ian Rosam can be downloaded by clicking the images below.