What Have We Learned?
Congratulations! Another fall reporting cycle is completed. For many (if not most) there was likely a mad dash at the finish to incorporate items from new or changed business units, new reporting and/or administrative procedures, and efforts to comply with updated or changed laws. Everyone in the unclaimed property holder reporting business is certainly entitled to a rest. (Though for those of you who work for states, your work is just beginning).
Now that you have a moment to breathe, it is also time to take stock of your process and consider how improvements can be made to streamline and/or improve the process for next year. Perhaps in the rush to meet reporting deadlines, you had discussions with contacts in management, or the legal department, or risk management, who now have an idea (perhaps for the first time) of what you do for the company. Since you are on the radar, now is the time to request whatever assistance you may need to make your process better. Similarly, you may have recently learned some things about your company’s business practices that have an impact on how unclaimed property is identified, tracked or reported. Now is the time to put that knowledge to use and incorporate it into your procedures and best practices.
Enjoy some rest; then get back to work 🙂