Unclaimed Property Consulting Services

SeaChange provides full support to help companies understand their unclaimed property (UP) risk, resolve liabilities and maintain ongoing compliance in a cost-effective way.

Diagnostic Analysis

Gathering information

Analyzing pertinent financial documents

Estimating UP liability to state or states

Developing a plan for quantification of exposure and mitigation of liability

Compliance System Design

Determining responsibility for the compliance function

Guiding companies in designing the reporting function

Selecting compliance software or a third party vendor

Designing policies and procedures

Training personnel

Policy and Procedure Development

Designing policies and procedures to:
- capture required detail
- identify accounting errors
- strengthen internal controls

Training

Providing the company’s UP lead with the knowledge necessary to ensure just-right compliance

Training all operational departments to ensure proper handling of unclaimed property at the transactional level

Ensuring a compliance process that will withstand challenge under a future audit

Voluntary Disclosure

Analyzing pertinent financial documents

Executing statistical sampling, if necessary

Utilizing the proper statistical sampling methodology

Quantifying exposure

Identifying positions to mitigate liability

Refund Capture

Quantifying overpayments and items erroneously identified as unclaimed property

Securing refunds from the states

Audit Defense

Analyzing pertinent financial documents

Developing and implementing a plan for defense

Identifying and documenting positions to mitigate liability

Tracking audit progress and responding proactively

Ensuring that the proper statistical sampling methodology is utilized

Liability Mitigation

Negotiating with state(s) to:
- reduce the number of prior years subject to liability
- limit property types or subsidiaries subject to review
- mitigate interest and penalties 

Ensuring the statistical sampling methodology is appropriate

SeaChange Methodologies
Operational Process Analysis —The goal in performing the operational process analysis is to take a top-down look at the client’s organization and to help the client identify its unclaimed property risk. The analysis draws on the information you use to manage your business and focuses on the relationships among business processes and the company’s UP compliance requirements. SeaChange provides assistance to you in identifying and understanding the critical elements of your company’s operating processes relevant to unclaimed property.

Risk Assessment — Interwoven through the operational process analysis is risk assessment, which provides a structure for analyzing organizational threats. Through discussions with management and review of financial data, SeaChange gathers necessary data relevant to your company’s methods of identifying, quantifying and reporting unclaimed property and helps you assess whether the unclaimed property issues are being adequately addressed and controlled. This assessment provides the basis for developing, if necessary, a full quantification and risk mitigation methodology.

Continuous Improvement — In addition to mitigating existing risks, SeaChange looks for opportunities to enhance compliance systems and improve business planning strategies. SeaChange identifies business processes and accounting controls that can lead to the timely identification of unclaimed property, the elimination of accounting errors that give the false appearance of being unclaimed property, and the implementation of process quality improvements. Contact us. SeaChange can support companies at every point in the compliance stream. Contact us to find out more.

Contact us. SeaChange can support companies at every point in the compliance stream. Contact us to find out more.


"Effective management of your company’s unclaimed property on-going compliance begins with a thorough understanding of the nuances of unclaimed property.  No matter where you are in the compliance stream, you must ensure that those managing the process are informed and advised."

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