Managing unclaimed property compliance involves multiple pieces of the puzzle to come together. Firstly, the statutory requirements vary across jurisdictions and change regularly. Secondly, it likely requires coordination across a variety of departments, divisions or entities, many of which may not regularly interact. These complexities can increase exponentially for organizations with complex organizational structures, decentralized accounting functions or a complicated merger and acquisition history. So what should you concentrate on if you want to ensure your organization maintains compliance?
Key Areas of Focus:
- Ownership: Assign the responsibility to a specific group
- Understanding: Analyze your organization and develop a good understanding of where unclaimed property is created and how you can minimize risk and exposure
- Education: Ensure all areas of the business are educated on the basic requirements of unclaimed property and how their areas are impacted
- Documentation: Document and enforce adherence to policies and procedures