Table of ContentsRisk Management DepartmentFinance DepartmentConsumer Banking DepartmentHR DepartmentCredit Risk DepartmentConclusionPlanning is often called the primary management function because it establishes the foundation of all the other things that managers do when they organize, direct and control. This involves two important aspects: goals and plans. Objectives are desired results or targets, while plans are a means of informing managers about planning performance. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay. MCB (Mauritius Commercial Bank), which is one of the best financial institutes, spends most of its time in planning to achieve positive financial results - higher profits, high return on assets, etc. MCB uses management by objectives (MBO) for planning instead of using traditional goal setting. MCB uses MBO to motivate his subordinates and organizes a weekly meeting to discuss and motivate them. Planning plays a vital role in all MCB departments. Some important departments of MCB are: Risk Management DepartmentFinance DepartmentConsumer Banking DepartmentHR DepartmentCredit Risk DepartmentLet's talk about how planning affects these departments of MCB: Risk Management DepartmentIn MCB, planning is mainly owned by the senior managers or executives. A manager develops a strategic plan to determine whether or not MCB's current business model will survive, and identifies risks for the bank. Through this strategic planning, most MCB managers address these risks by refining and modifying, or even creating a new business model. MCBs have a target risk profile as a strategic planning parameter, meaning they have an articulation of the organization's risk appetite - an overview of which risks the organization can accept and which ones she can't accept. Businesses should only set goals and strategies after carefully considering your situation. , what is happening around you and what could happen in the future. These goals and strategies should then be executed, keeping an eye on what is happening as you progress that may affect the success of your journey. Mcb follows the McKinsey model in the planning process. This is a crucial step to ensure that risk managers understand the business logic behind each objective and helps to better focus risk analysis. Financial DepartmentLike any organization, MCB's objectives for the financial department include strategic budgeting, constant containment, cash flow management, debt servicing and tax plan and accurate record keeping. Budgeting and projection: The primary goals of the MCB should be to create and monitor not only the overall MCB budget, but also a variety of functional or departmental budgets. Budgeting requires research to accurately estimate income levels based on demand forecasts. Mcb uses annual budget projections to set profit targets as well as levels of overhead and production expenses. It creates monthly or quarterly budget variance analyzes to see if MCB is on track with revenue and expenses or if changes are neededbefore spending gets out of control. Cost control and purchasing management: to obtain the best quality at the lowest price for materials and supplies. and service, the financial service must correctly fulfill its mission. Cash flow management: MCB makes receivables management a key role of its financial department. MCB plans to avoid most risks, so it also creates reserves for bad debts. Debt Service and Credit Utilization: Letting your debt spiral out of control can have serious long-term consequences for your business. MCB keeps tabs on credit usage, including interest amounts earned, payment schedule, and credit report and score status. Proactive tax planning: MCB uses proactive strategies to reduce its tax burden, such as depreciating assets and offering voluntary benefits to employees. which help reduce payroll taxes.Department of Consumer BankingRetail banking, also known as consumer banking, is a typical mass banking service in which individual customers use local branches of large 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 everything financial,” says Mark Weber, CEO and president of Weber. Marketing group. Instead of “trying to attract everyone to the market”, he believes that institutions must develop better control of data in order to better identify and target consumers who represent the most potential. But MCB plans and has done market segmentation to target the right person at the right time. Here are some of MCB's strategic objectives: Promote public and industry confidence: Promote public and industry confidence in the financial service and licensed professional system through rule-making. , review and audit process. Improve the monitoring process: improve monitoring and evaluation of internal and external conditions, respond to industry trends and ensure financial integrity. Maximize staff productivity, professional development and subordinate satisfaction: improve divisional efficiency and effectiveness through staff training and use of current technologiesCustomer service strategies: MCB emphasizes need strategies of customer service 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 must know what is going on with the customers. It is also important to let the customer know what is going on in the business that could affect future decisions. E-commerce Strategies: Managers use e-commerce to develop a sustainable competitive advantage. MCB tries to offer products to be perceived and valued as unique. MCB uses an Internet-based knowledge system to reduce customer response times and provide rapid online responses to service requests. MCB also targets a narrow market with customized products. In short, MCB is a click and brick business that uses both online and traditional standalone location. HRM DepartmentHuman resources management (HRM or HR) is the strategic approach to the effective management of..