UCO Bank invites application for Chief Risk Officer on contractual basis

UCO Bank

Kolkata-based public sector lender UCO Bank has invited offline applications for the post of Chief Risk Officer (CRO) on a contractual basis for three years.

"This appointment will not vest any right to claim by the candidate for regular appointment or permanent absorption in the institute or for continued contractual appointment which may be renewed or terminated on the basis of satisfactory performance and conduct, "said a notification from the bank on November 21.

The notification further added that on successful completion of the three-year term, the tenure may be further extended for two years (one year at a time) based on satisfactory performance and conduct.

Last week, following a technical glitch over the Immediate Payment Service (IMPS), an instant interbank electronic fund transfer service, option on November 15, UCO Bank issued further clarification over the recovery of account holders' amount.

The place of work for CRO will be at the head office in Kolkata, the notification said. "However, the Bank reserves the right to post the selected candidate as per the bank's requirement, "the bank said.

In a regulatory filing on November 16, the lender said that by taking various proactive steps, "Bank recipients’ accounts and has been able to retain and recover Rs 649 crore out of Rs 820 crore, which is about 79 percent of the amount initiated requisite actions to recover the matter has also been reported action."

Bank in its invitation further added that the CRO will head the bank‟s risk function and shall oversee the entire process of Risk Management in the bank, including at the group level, i.e. covering Domestic Operations, International Subsidiaries, Domestic Subsidiaries, Overseas Territories and Branches.

"He/ She will be responsible for review of the Risk Models, developing policies, procedures and pricing models, etc. of the Bank, "UCO bank said in its application.