Industry begins to feel the shivers over pioneering patent awarded to JP Morgan Chase
Intellectual property turf war heats up WASHINGTON, DC – The intellectual property turf war in the operational risk industry is beginning to heat up. In September, JP Morgan Chase was awarded a patent for 'a data processing system and method of using said data processing system for assessing and managing risk' – essentially, its former Horizon platform.
Why is this sending shivers down the spines of op risk industry professionals? Because it is one of the first US 'business process' patents to be awarded in the operational risk space. These patents usually protect a software program and its related business methodology. They are becoming popular among financial services firms who in some instances file them defensively as protection against the
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