Our company is interested in building a UP compliance program in-house.

Issue: Most companies are capable of handling unclaimed property compliance using existing staff and resources. What most companies do not have is the expertise to design the right processes to ensure effective compliance.

The SeaChange Value Proposition: SeaChange can provide the knowledge and expertise to help you develop a cost-effective UP compliance program in-house using existing resources. SeaChange will analyze your current business structure, identify UP-sensitive operations, develop a set of customized procedures, help you select the right compliance software, develop a compliance calendar, mentor key financial managers on UP requirements and train operational staff on compliance processes.

Case study: A multi-billion-dollar high-tech manufacturer sought to reduce its reliance on outside consultants for the ongoing management of its unclaimed property operations. Beth Stein, Managing Director of SeaChange, helped the company develop in-house capabilities that ensured UP compliance while limiting the organization’s dependence on third-party providers. Result: Ongoing cost savings, not only in compliance fees but also in a reduction in reportable amounts achieved through proper management of the compliance process. In addition, utilizing internal resources resulted in stronger controls, further meeting the requirements of the company’s external audit firm.

Find out more: Contact Beth Stein to discuss your specific situation.

" Unclaimed property is tangible or intangible property that your company has in its possession because the owner of the property cannot be located. Examples of an “owner” are: employees (current or former), customers, patients, insurance companies, other companies/vendors, stockholders, and bondholders, etc." 

Copyright © 2008 SeaChange Consulting, LLC. All rights reserved.