Date: June 1, 2018

Unclaimed Property - The Top Ten Things Financial Professionals Should Know (I)

Session Description

Unclaimed property can be confusing and confounding, but the risk of material liabilities is very real. Most companies are already aware of unclaimed property and how it arises, but often feel that the rules surrounding unclaimed property are confusing and contradict many of their standard processes and procedures. That is why we pulled together this list of things that every financial professional, as well as anyone concerned about managing their company's risk, should know about unclaimed property.

In addition to providing a refresher on unclaimed property, this presentation will address how unclaimed property can arise, identifying and remediating risk associated with unclaimed property, and how to address it so that it can be resolved, or reported, correctly. In addition, this presentation will also address the impact of unclaimed property audits and how to develop, and implement, effective unclaimed property policies and procedures.

Speaker Information

Jim Sadik is a Managing Director for the Unclaimed Property Management Solutions Team of True Partners Consulting. He has extensive experience in all aspects of unclaimed property including the conducting of large scale general ledger multi-state audits, voluntary unclaimed securities compliance and reporting, and audit defense. Jim currently specializes in the defense of publicly traded companies who are subject to multistate unclaimed securities audits, audit defense of registered broker/dealers and banks, along with representing holders in a variety of industries including life and property/casualty insurance, retail, manufacturing, and energy exploration. Before joining True Partners Consulting, Jim held the position of Senior Manager of Unclaimed Property Operations at Verus Financial, where he participated in various multi-state unclaimed property examinations of many large life insurance companies.

Over a 20 year period, Jim held various management positions at the ACS Unclaimed Property Clearinghouse. He supervised numerous multi-state audits of property & casualty insurers, retirement asset custodians, consumer electronics and medical device manufacturing companies. Jim was also a Manager in the PricewaterhouseCoopers State & Local Tax practice in Boston, where he specialized in providing unclaimed property audit defense services to client companies.

Jim received a Bachelor of Arts in Economics from the University of New Hampshire.

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