When abandoned and unclaimed property management is going well, few people care about it. This is because unclaimed property, when it’s being reported as required, impacts few other aspects of a business.
When unclaimed property is NOT going well and difficulties are encountered, such as an audit or a long period of non-reporting, unclaimed property has the potential to do real damage across an organization through past due payments, penalties, interest — even possible damage to a company’s reputation.
For those reasons, it’s important to keep leaders up-to-date with potential risks of exposure and liability. It’s not just a matter of c.y.a. for unclaimed property staff. Communicating with your organization’s leaders about unclaimed property could be a matter of material importance.