Unclaimed property compliance can take up too much of your internal resources and time. Our unclaimed property consulting services and technology solutions are hassle-free and cost-effective, freeing up your resources to focus on other important tasks. We take care of data analysis, escheatment eligibility, due diligence mailings, state report generation, and more, so you can rest assured that you are fully compliant.
At UPCR, our team has extensive experience providing unclaimed property consulting services as well as processing annual state reports and due diligence requirements for all states (including the District of Columbia, Virgin Islands, Puerto Rico, Guam, and applicable Canadian provinces). Our rapport with individual state administrators and staff is unique and benefits our clients by reducing their risk, time, and cost.
Operational Review & Liability Risk Assessment – Unclaimed Property Consulting
An operational review & liability risk assessment will help identify and quantify any liability subject to unclaimed property reporting. This can help you avoid fines and penalties and ensure that you are in compliance with evolving state laws.
The operational review & liability risk assessment will typically include the following:
- A comprehensive high-level review of your business’s records and accounting systems
- Identification of any property that may be considered unclaimed property
- Quantification of the liability associated with any unclaimed property
- Development of a plan to manage unclaimed property to avoid fines and penalties
Exposure Analysis & Liability Mitigation
Through a comprehensive exposure analysis, we will identify all the property that may be considered unclaimed property. We will then work together to develop a liability mitigation plan to reduce the amount of liability associated with any unclaimed property. This may involve using exemptions, due diligence communications, or statistical and quantitative analysis to minimize the amount of liability reportable for past due property.
Benefits of an exposure analysis and liability mitigation services:
- Potential liabilities are identified
- The amount of liability is quantified
- A plan to manage unclaimed property is developed
- Fines and penalties are avoided
- Your company’s reputation is protected
Statistical and Quantitative Analysis – Unclaimed Property Consulting
Whether your company is under audit, considering voluntary compliance, or evaluating your current processes for possible improvement, a statistical and quantitative analysis is a time and cost saving solution to identifying your potential unclaimed property liabilities.
Other benefits of a statistical and quantitative analysis include:
- Identify trends in unclaimed property liabilities
- Develop strategies for managing unclaimed property
- Respond to audits more effectively
- Protect their reputation from negative publicity
Voluntary Compliance Initiation and Negotiation
Overall, voluntary compliance can be a valuable tool for businesses that are looking to improve their unclaimed property compliance. By voluntarily reporting unclaimed property, businesses can avoid fines and penalties, save money, reduce risk, protect their reputation, and improve customer relations.
Other benefits of voluntary compliance and negotiation include:
- Build trust with regulators and stakeholders
- Improve their internal controls
- Reduce the risk of fraud
- Increase their efficiency
- Improve their bottom line
Audit Defense & Management – State and Third-Party Audits – Unclaimed Property Consulting
In the unfortunate event that your company is selected for audit, our team is here to help. By analyzing the audit requests and findings, together, we can determine the validity and accuracy of the auditor’s requests and assessments. Regrettably, multistate audit firms are extremely aggressive and can burden your company with lengthy audit requests and demands for remediation documentation.
Most audit firms use extrapolation methodologies that may not fully represent your liability. We are familiar with these techniques and can assist you and your company in successfully defending your position.
Policy and Procedure Development & Enhancement
Tailored procedures and policies can be a valuable tool for businesses, like yours, who are looking to improve your overall unclaimed property compliance. By having tailored procedures and policies in place, you can avoid fines and penalties, defend yourself in an audit, operate more efficiently, and protect your reputation.
Our procedures can be formatted for your individual needs, from a simple overview to step-by-step desk manuals. Other benefits of policy and procedure development & enhancement include:
- Reduce the risk of fraud
- Improve your internal controls
- Increase your overall efficiency
- Improve your bottom line
Insurance Industry – Regulatory and Escheat Support Services – Unclaimed Property Consulting
In the last several years, states have enacted legislation that requires insurance industry holders to perform periodic searches of their customer policy databases to the Social Security Administration’s Death Master File (DMF).
Our proprietary process provides death master file match reports of both exact and algorithmic or fuzzy matches for regulatory, audit and data & analytical support including market conduct exams.
Our InSmart match tracking application is designed to allow the company to track the review progress for each of the matches and provides documentation storage and reporting capabilities.
Our expert unclaimed property consulting team can assist with administrative and management services – relating to death claims, annuity policies, retained asset accounts, group life insurance plans & claims.
Unclaimed Property Educational Training Workshops
Is your staff up to date on all the state specific requirements regarding unclaimed property? Let us provide a training session on site or through a secure webinar process. We will provide the curriculum, handouts and provide ample time for one-on-one questions and answers to ensure that your company is poised to be “unclaimed property proficient!”