The ru and control. It involves two important aspects: goals and plans. Objectives are desired outcomes or objectives, while plans are ways to inform managers about planning performance. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get Original EssayMCB (Mauritius Commercial Bank), one of the best financial institutions, spends most of its time on planning to achieve positive financial results: higher profits, high return on assets and so on. MCB uses management by objectives (MBO) for planning instead of traditional goal setting. MCB uses MBO to motivate his subordinates and holds a weekly meeting for discussion and to motivate them. Planning plays a vital role in all departments of MCB. Some important departments of MCB are: Risk Management Department Finance Department Consumer Banking Department HRM Department Credit Risk Department Let's talk about how planning affects these departments of MCB: Risk Management Department In MCB, planning is mostly more managed by top managers or executives. A manager develops a strategic plan to recognize whether MCB's current business model will survive or not and identifies risks to the bank. Through this strategic planning, most MCB managers address these risks by refining, modifying or even creating a new business model. MCB has a target risk profile as a parameter for strategic planning, which means it has an articulation of the organization's risk appetite, a description of the risks the organization can accept and those it cannot accept. Companies should set goals and strategies only after thinking carefully about where they are, what's happening around you, and what might happen in the future. These goals and strategies should then be put into place, keeping an eye on what is happening as you move forward that could impact the success of your journey. Mcb follows the McKinsey model in the planning process. This is a critical step to ensure risk managers understand the business logic behind each objective and helps make risk analysis more focused. Finance DepartmentLike any organization, MCB objectives for the finance department include strategic budgeting, ongoing containment, cash flow management, debt service and fiscal plan, and accurate record keeping. Budget and Planning: MCB's primary goals should be to create and track not only the overall MCB budget, but also a variety of functional or departmental budgets. Budgeting requires research to estimate accurate revenue levels based on demand forecasting. Mcb uses annual budget projections to set profit targets and production and overhead spending levels. Create monthly or quarterly budget variance analyzes to see if MCB is on track with revenues and expenses or if adjustments need to be made before expenses get out of hand. Cost Containment and Procurement Management: To get the best quality at the lowest price of materials and supplies and service, the finance department should perform its duty well. Cash flow management: MCB makes receivables management a key role of its finance department. MCB aims to avoid most risks, which is why it also creates reserves for bad debts. Debt Servicing and Using Credit: Letting debt get out of control can have serious long-term impacts on your business. MCB holdskeep an eye on your credit utilization, including generating interest amounts, payment schedule, and the status of your credit report and scores. Proactive Tax Planning: MCB uses proactive strategies to reduce tax burden, such as depreciating assets and offering voluntary benefits to employees that help reduce payroll taxes.Department of Consumer Banking Retail Banking, also known as Consumer Banking, is the typical mass market banking system in which individual customers use local branches of larger commercial banks. Services offered include savings and checking accounts, mortgages, personal loans, debit/credit cards and certificates of deposit (CDs). “Most financial institutions are still trying to appeal to all consumers with all things finance,” says Mark Weber, CEO and President of Weber Marketing Group. Instead of “trying to capture everyone in the market,” he says institutions need to develop greater data literacy to better identify and target those consumers who represent the greatest potential. But MCB plans and has done market segmentation in order to target the right person at the right time. Below are some of MCB's strategic objectives: Promote public and industry confidence: Promote public and industry confidence in the financial services and licensed professional system through regulation, examination and audit processes. Improve the oversight process: Improve monitoring and evaluation of internal and external conditions, address industry trends, and ensure fiscal integrity. Maximize staff productivity, professional development, and subordinate satisfaction: Improve Division efficiency and effectiveness through staff training and use of current technologies Customer Service Strategies: MCB emphasizes customer service necessity strategies who cultivate the atmosphere from top to bottom. Such strategies involve giving customers what they want, communicating effectively with them, and providing employees with customer service training. The manager should know what is happening to the customers. It is also important to let the customer know what is happening with the company that could influence future decisions. E-business strategies: Managers use e-business to develop sustainable competitive advantage. MCB tries to offer products to be perceived and valued as unique. MCB uses an Internet-based knowledge system to shorten customer response times and provide quick online responses to service requests. MCB also caters to a narrow market seen with customized products. In short, MCB is a "click and brick" company that uses both online and traditional locations.HRM DepartmentHuman resource management (HRM or HR) is the strategic approach to effectively managing people in an organization, in so that they help the company gain a competitive advantage. It is designed to maximize employee performance in service of the employer's strategic objectives. Strategic Management Process Although the first four steps describe planning, even the best strategies can fail if management does not implement or evaluate correctly, the process is as follows: Identify the organization's current mission, goals and strategies Perform an external analysis Perform a Internal AnalysisStrategy FormulationStrategy ImplementationResult EvaluationMCB uses this six-step process in its HRM department to increase its productivity Credit Risk DepartmentCredit risk management is the practice of.

Topic > The ru and control. It involves two important aspects: goals and plans. Objectives are desired outcomes or objectives, while plans are ways to inform managers about planning performance. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get Original EssayMCB (Mauritius Commercial Bank), one of the best financial institutions, spends most of its time on planning to achieve positive financial results: higher profits, high return on assets and so on. MCB uses management by objectives (MBO) for planning instead of traditional goal setting. MCB uses MBO to motivate his subordinates and holds a weekly meeting for discussion and to motivate them. Planning plays a vital role in all departments of MCB. Some important departments of MCB are: Risk Management Department Finance Department Consumer Banking Department HRM Department Credit Risk Department Let's talk about how planning affects these departments of MCB: Risk Management Department In MCB, planning is mostly more managed by top managers or executives. A manager develops a strategic plan to recognize whether MCB's current business model will survive or not and identifies risks to the bank. Through this strategic planning, most MCB managers address these risks by refining, modifying or even creating a new business model. MCB has a target risk profile as a parameter for strategic planning, which means it has an articulation of the organization's risk appetite, a description of the risks the organization can accept and those it cannot accept. Companies should set goals and strategies only after thinking carefully about where they are, what's happening around you, and what might happen in the future. These goals and strategies should then be put into place, keeping an eye on what is happening as you move forward that could impact the success of your journey. Mcb follows the McKinsey model in the planning process. This is a critical step to ensure risk managers understand the business logic behind each objective and helps make risk analysis more focused. Finance DepartmentLike any organization, MCB objectives for the finance department include strategic budgeting, ongoing containment, cash flow management, debt service and fiscal plan, and accurate record keeping. Budget and Planning: MCB's primary goals should be to create and track not only the overall MCB budget, but also a variety of functional or departmental budgets. Budgeting requires research to estimate accurate revenue levels based on demand forecasting. Mcb uses annual budget projections to set profit targets and production and overhead spending levels. Create monthly or quarterly budget variance analyzes to see if MCB is on track with revenues and expenses or if adjustments need to be made before expenses get out of hand. Cost Containment and Procurement Management: To get the best quality at the lowest price of materials and supplies and service, the finance department should perform its duty well. Cash flow management: MCB makes receivables management a key role of its finance department. MCB aims to avoid most risks, which is why it also creates reserves for bad debts. Debt Servicing and Using Credit: Letting debt get out of control can have serious long-term impacts on your business. MCB holdskeep an eye on your credit utilization, including generating interest amounts, payment schedule, and the status of your credit report and scores. Proactive Tax Planning: MCB uses proactive strategies to reduce tax burden, such as depreciating assets and offering voluntary benefits to employees that help reduce payroll taxes.Department of Consumer Banking Retail Banking, also known as Consumer Banking, is the typical mass market banking system in which individual customers use local branches of larger commercial banks. Services offered include savings and checking accounts, mortgages, personal loans, debit/credit cards and certificates of deposit (CDs). “Most financial institutions are still trying to appeal to all consumers with all things finance,” says Mark Weber, CEO and President of Weber Marketing Group. Instead of “trying to capture everyone in the market,” he says institutions need to develop greater data literacy to better identify and target those consumers who represent the greatest potential. But MCB plans and has done market segmentation in order to target the right person at the right time. Below are some of MCB's strategic objectives: Promote public and industry confidence: Promote public and industry confidence in the financial services and licensed professional system through regulation, examination and audit processes. Improve the oversight process: Improve monitoring and evaluation of internal and external conditions, address industry trends, and ensure fiscal integrity. Maximize staff productivity, professional development, and subordinate satisfaction: Improve Division efficiency and effectiveness through staff training and use of current technologies Customer Service Strategies: MCB emphasizes customer service necessity strategies who cultivate the atmosphere from top to bottom. Such strategies involve giving customers what they want, communicating effectively with them, and providing employees with customer service training. The manager should know what is happening to the customers. It is also important to let the customer know what is happening with the company that could influence future decisions. E-business strategies: Managers use e-business to develop sustainable competitive advantage. MCB tries to offer products to be perceived and valued as unique. MCB uses an Internet-based knowledge system to shorten customer response times and provide quick online responses to service requests. MCB also caters to a narrow market seen with customized products. In short, MCB is a "click and brick" company that uses both online and traditional locations.HRM DepartmentHuman resource management (HRM or HR) is the strategic approach to effectively managing people in an organization, in so that they help the company gain a competitive advantage. It is designed to maximize employee performance in service of the employer's strategic objectives. Strategic Management Process Although the first four steps describe planning, even the best strategies can fail if management does not implement or evaluate correctly, the process is as follows: Identify the organization's current mission, goals and strategies Perform an external analysis Perform a Internal AnalysisStrategy FormulationStrategy ImplementationResult EvaluationMCB uses this six-step process in its HRM department to increase its productivity Credit Risk DepartmentCredit risk management is the practice of.