Li Zhu Authors Article for Supply Chain Brain About Managing Post-COVID IP Risks for Supply Chain
Li Zhu, a Chicago-based partner in the Quarles & Brady Intellectual Property Practice Group, wrote an article for Supply Chain Brain about the steps companies should take to protect their supply chain from increased intellectual property (IP) risks in a post-COVID world.
In the article, Zhu outlines some of the issues that are contributing to the increased IP risk for the global supply chain and how companies can combat the problem.
In securing supply chains in a post-COVID world, it’s important to keep in mind how the dynamics and trust levels have shifted in recent years. Trends include the formation of stronger relationships between suppliers and partners, founded on trust and a history of collaboration; challenges caused by companies over-expanding their networks without sufficient auditing and vetting; geopolitical tensions; the rise of remote work, and stricter data privacy regulations.
Balancing trust and transparency in anti-counterfeiting efforts for supply chain security is a complex endeavor. As a first step, companies should implement a system for assessing trustworthiness among business partners. It should resemble traditional processes of selecting and engaging partners, including vetting, contracting and regular auditing.
Based on the results of the trust evaluation, companies can determine the level of information and engagement on a sliding scale and a case-by-case basis. Trustworthy partners can be involved more deeply in anti-counterfeiting efforts, allowing for the sharing of confidential information.