Periodically, UPPO asks members to respond to a question, sharing their ideas, insights, and experience. The recurring UPPO Asks feature is a compilation of their responses.
We recently asked several members: How do you train someone new to unclaimed property?
“We basically walk through the overall process with the employee and familiarize them with the software that we use for compliance. The first year, the process is handled with me as manager, and each time a task comes up, I will share with the employee. The next time another state becomes due, I will allow the employee to process the task on their own, but I always check the work before any mailings or filings have occurred. Once we get to the October filing states, I will relieve the employee of most of the other job duties to allow for the large volume. As states are completed, I will check the work again for accuracy and go through any corrections with the employee. Since I am the manager of the department, I will contact the CFO to sign all the required reports and obtain the notary acknowledgement, and pass back to the employee to complete the mailing.
“Then, we relax for a couple of months and start all over again! The second year, I place more responsibility on the employee to complete the tasks, but I always check the work before any reports are released or filed.”—Sherri Moll, unclaimed property manager, CountryMark
“Over the years, I have developed a comprehensive training guide for new staff that encompasses three areas of knowledge: background of unclaimed property laws, the services we offer clients and value added, and technical skills required of the position. Being a service provider, I believe the depth of training is much more involved, as practitioners require a greater understanding of the nuances involved across industries. I also encourage unclaimed property case studies and schedule a follow-up training shortly thereafter (two to four weeks) and recap the highlights discussed. As with anything, repetition is key.”—Christopher Jensen, director of abandoned and unclaimed property compliance, Ryan
“Our Unclaimed Property department is actually split into two: the Daily group and the Compliance group. The Daily group processes customer requested refunds and auto refunds in a proactive attempt to keep records clean and prevent unclaimed property. Our Compliance group handles state reporting. Training is slightly different for each group.
“The Daily group is given an overview on our accounts receivable, cash applications and credit department processes. The group is trained on the transaction codes they will see in the system and how to handle a credit based on the customer's overall account. They are provided with criteria that credits need to meet for processing an auto refund and criteria that customer requested refunds also need to meet. They are given a high-level explanation of the compliance processes.
“The compliance group is trained on the transaction codes they see in customers AR history in the system and how to handle a credit based on the customer's overall account. The group has a template that is used for all state reports to ensure the detail is consistent, researchable and accurate. The template also assists with accounting comparisons and tracking all other property types that fall into unclaimed property dormancy. The compliance analysts attend webinars to stay up to date with best practices and the ever-changing legislation.
“Both sides of our UP department have SOPs and checklists to reference as they go through processes and procedures. These are updated regularly.”—Tiffany Kevek, unclaimed property supervisor, Uline
Now it’s your turn. How to you train some new to unclaimed property? Add a comment to this post to share your response.