Page 15 - MCS August Day 2 Suggested Solutions

SUGGESTED SOLUTIONS

responsibility for risk lies with all those employed by Montel. It may be necessary to consider the
most effective means of communication e.g. online meetings, which will be more cost efficient
than convening meetings at central locations, saving on travel costs and valuable management
time, particularly given the geographical spread and the global coverage of Montel.

Efficient communication will assist in this respect. It will need to be a “two‐way” exercise,
requiring the ability to deliver clear messages to both internal and external stakeholders with
clarity and brevity. Messages should be appropriately structured as this will help the recipients to
understand and retain the information.

Communication of findings is likely to be a regular if not continuous flow of information. It is
imperative given the nature of the new function/department that they should ask for, and listen
to feedback. Two way communication of this sort will help prevent misunderstandings and build
good working relationships. The new department should explain clearly why any changes it
recommends are important to ensure that the importance of their communications is recognised.

Risks identified and potential savings made as a result of successfully implemented mitigation
practices could be used as performance indicators and would help to demonstrate the importance
of the new function/department. Significant emphasis should be placed on the fact that non‐
acceptance of recommendations made will potentially result in loss of revenue, profitability and
perhaps even worse the Montel brand. Raising the importance in this way would support the
introduction of the new processes and embed the role of any new function/department for the
longer term success of Montel.

Financial Manager

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