Risk Mitigation - What Is The Formal Process?

Though your issue is quite common, without a clear context, framework and analysis there is little we can do to assist you.

Risk mitigation is usually the last step and/or included in the action plan in a formal (Enterprise) risk management programme. Risk management is a continuous process thus must carefully follow simple, yet fundamental steps to support organisational objectives.

You have mentioned intellectual property, compliance and currency as your risk domains but you haven't stated the specific risks (and their associated probabilities and impacts) within each one.
Eg. Intellectual property: the probability and impact of someone using your idea/methods/technology; Compliance: impact and probability of changes in regulatory environment, safety/environmental standards, employment/labour laws for both you AND customers/suppliers etc; Currency (or Macro/Political) risks: the risks of contracts and sales orders being repaid with depreciated currencies. Often the domains are related to each other such as with currency and compliance: eg. GAAP, IFS standards for valuing financial instruments.

The first two types of risk could potentially be resolved in collaboration with legal experts and the last in combination with your bank and chartered accountant. The bank will be able to provide some factoring services or simply with a forward contract depending how complex your supply chain is and your accountant should be able to consult you in regards to fiscal/tax effects of your decision.

Furthermore, it's also very important to understand your organisation's culture and appetite for risk. The latter is it's imperative in order to understand what the risks are and what you can do ultimately accepting/not accept them.
Remember: You can control the process but not the outcome. Control the process and the results will be favourable over the long run.

I hope this helps and good luck,
MV