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Uncovering the complex terrain of intellectual property (IP) risks in IT sourcing, this chapter provides a deep dive into understanding, identifying, and assessing these risks that can disrupt organizational momentum and potentially result in significant losses. It offers valuable insights into various types of IP risks including theft, infringement, or misuse of patents, copyrights, trademarks, or trade secrets. Unfurling strategies to protect IP like legal agreements, employee training, secure data handling, and vendor due diligence, this chapter is a must-read for organizations wanting to safeguard their competitive edge, maintain legal compliance, and minimize the risk of costly litigation or reputational damage.