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Planning is often called the primary management function because it establishes the basis for all other things managers do as they organize, lead and control. It involves two important aspects: goals and plans. Goals are desired outcomes or target while plans are way that tell managers about the performance of planning.
MCB (Mauritius Commercial Bank) which is one of the best financial institute spend most of its time on planning to achieve positive financial results – higher profits, high return on asset and so forth. MCB using management by objective (MBO) for planning instead of using traditional goal setting. MCB uses MBO to motivate its subordinates as well they hold a weekly meeting for the discussion and to motivate them.
Planning play a vital role in every departments of MCB. Some important departments of MCB are:
Let us discuss how planning affects these departments of MCB:
In MCB, planning is mostly held by top managers or executives. A manager make strategic plan to recognize whether MCB current business model will survive further or not, identify the risks to the bank.
Through this strategic planning most managers of MCB address these risks by refining and modifying or even creating a new business model. MCB have a target risk profile as a parameter for strategic planning which means it have an articulation of organizations appetite of risk -an outline of risks that organization can accept and those it cannot accept
Businesses should set objectives and strategies only after thinking carefully about where you are, what is happening around you, and what may happen in the future. These objectives and strategies should then be executed on, with an eye kept on what is happening as you progress on that may affect the success of your journey. Mcb follows the McKinsey model in planning process. This is a critical step to make sure risk managers understand the business logic behind each objective and helps make risk analysis more focused.
Like every organization, MCB goals for finance department include strategic budgeting, constant containment, cash flow management, debt servicing, and tax plane and accurate record keeping.
Retail banking, also known as consumer banking, is the typical mass-market banking 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 attract all consumers with all things financial,” says Mark Weber, CEO and Chairman at Weber Marketing Group. Instead of “trying to acquire everyone in the market,” he says institutions must be developing greater data literacy in order to better identify and target those consumers who represent the most potential. But MCB plans and have done market segmentation in order to target the right person at the right time
Following are few Strategic goals of MCB:
MCB also targets a narrow market seen with customized product. In short MCB is a click and brick firm that uses both online and traditional standalone location.
Human resource management (HRM or HR) is the strategic approach to the effective management of people in an organization, so that they help the business to gain a competitive advantage. It is designed to maximize employee performance in service of an employer’s strategic objectives
Strategic management process
Although the first four steps describe planning, even best strategies can fail if management doesn’t implement or evaluate properly, the process is as follows:
Credit risk management is the practice of mitigating losses by understanding the adequacy of a bank’s capital and loan loss reserves at any given time – a process that has long been a challenge for financial institution.
The process of credit risk management includes:
Mcb uses this effective credit management process to mitigate its risk.
In planning managers define goals, establish strategies to achieve them and developing to integrate and coordinate activities. Planning provides direction to managers as well as nom-managers. Moreover, it reduces uncertainty and in addition planning minimizes waste and redundancy. MCB has its own strategy of planning that helps them grow and develop the organization. The way they choose to follow for success can be a great example for other companies.
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