RCU full form in Banking is the Risk Containment Unit or Risk Control unit. It is a kind of department of a firm that lessens potential risk using a variety of methods. It includes loss prevention, segregation, duplication avoidance, reduction, and diversification.
Role of Risk Containment Unit
The role of RCU is widely divided into the following:
- Verification on sample basis/pre-account opening check
- Reports related to breach of bank defined limits/operate team send alerts/regulatory violations, etc.
- Onsite process support appearances to ensure adherence to the process
- Analytics for inspecting suspect transactions
- Offsite inspection through compliance certificate to confirm the fulfillment of processes, systems, or regulatory items.
- Case management for incidents
- Settlement cases call on a random sampling basis to users to confirm the genuineness of the receipts offered in records, etc.
- Co-ordination with credit managers of numerous products for operating regular operations smoothly,
- Monitoring and coordination of verification agency for sampling activities done by the firm
- Other activity assigned about RCU of consume bank
- Supervising activities
- Co-ordination with head office and MIS preparation
Some other Abbreviations of RCU
- Rate construction unit
- Royal Credit Unit
- Rapid cooling unit
- Revelator Connection Utility (Revelar, Inc.)
- Room Control unit