We need to ensure our UP program is compliant with Sarbanes-Oxley.

Issue: Under the Sarbanes-Oxley Act, companies need to ensure the integrity of their financial reporting systems. Companies that outsource UP management activities need to make sure their outsource provider supports the control environment required under SOX.

The SeaChange Value Proposition: SeaChange has an in-depth understanding of the Sarbanes-Oxley implications of outsourcing UP compliance functions. SeaChange can help companies identify third-party firms that have passed a Statement on Auditing Standards 70 (SAS 70) review and can function as reliable outsource providers. SeaChange can also ensure your company’s UP processes are structured to provide reliable information to management and governance.

Case study: Time and time again, companies have outsourced their ongoing UP compliance function to a third party only to find out the hard way that the third party had lost control of the data and could no longer determine compliance accuracy. Beth Stein, Managing Director of SeaChange, assisted a company in restoring its compliance history after an outsourcing failure. She also secured refunds from states to which the company had remitted the same items more than once. Result: The company saved $5.0 million.

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." 

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