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News < Back Sarbanes Oxley : Technology : Financial Controls CSC Implements Chesapeake System Solutions’ Unclaimed Property Compliance System UPCS Provides Platform for CSC’s Outsourced Unclaimed Property Service Offering
Andrew Panaccione, Vice President, CSC, says, “We saw the compliance side of unclaimed property management as a good fit for the skill set resident within CSC. However, we needed a dependable platform to provide this outsourced service. We researched all the vendor offerings and liked the rich functionality UPCS contains. In the end, however, it was the positive references Chesapeake customers provided that became the deciding variable.” Panaccione continues, “Our experience mirrors what these references told us: UPCS is a solid product that delivers all that it promises. Chesapeake’s response time for user questions is very good, and they possess an outstanding customer support team. I am pleased with our decision to go with UPCS.” David Tanner, Senior Vice President, Chesapeake System Solutions, says, “Due to the upsurge in unclaimed property audits nationwide, businesses today face unprecedented state scrutiny. The process of collecting, tracking, managing and reporting unclaimed property has never been more important—or more time consuming and costly. Simply staying abreast of diverse regulatory requirements is a challenge, not to mention the manual effort required to issue and track due diligence letters and generate reports. UPCS puts firms in control of the process and helps them achieve cost efficiencies through automation. Its feature-rich content and ease of use makes UPCS the first choice of outsourcers, such as CSC and public accounting firms, as well as those companies that chose to manage unclaimed property themselves.” UPCS automates the collection, tracking, management and reporting of over 100 types of unclaimed property; generates annual unclaimed property reports; and maintains audit trails that provide documentation to support compliance with regulations in all 54 U.S. reporting jurisdictions. Easy-to-use “wizards” lead users through each function, while time-saving features, such as bar coding and a custom import tool, simplify processing of returned search letters and eliminate data reformatting, respectively. A powerful built-in report writer produces state-specific reports (summary and detail) on all compliance activities. Additional tools help identify errors, duplicate payments and available exemptions by state and territory. Chesapeake offers UPCS as a licensed software, a hosted application and an outsourced unclaimed property compliance service. Corporation Service Company, a privately held company headquartered in Wilmington, Delaware is a leading provider of legal and financial services for many of the world’s largest companies, law firms and financial institutions. Founded in 1899, CSC offers clients an integrated, comprehensive portfolio of services that includes corporate compliance and governance services, entity management services, litigation and matter management services, public record document and retrieval services, uniform commercial code services, domain name management services, trademark clearance and brand protection services, motor vehicle titling services, and registered agent services. To learn more about CSC®, visit the company website at www.incspot.com. Chesapeake System Solutions, Inc. is an industry leader in providing integrated software solutions that simplify the complexities of financial and treasury management operations. Headquartered in Owings Mills, Maryland, Chesapeake provides integrated financial governance, risk and compliance solutions to the world’s foremost enterprises. Chesapeake’s integrated suite of software solutions brings visibility and control to the processes of balance sheet reconciliation, risk management and compliance, while intuitive design features simplify financial data reporting, workflow management, financial oversight and close. Since 1993, Chesapeake’s applications have helped national and international organizations of every size improve productivity, lower costs and document compliance with Sarbanes-Oxley, PCI Standards and other regulations. 
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