MBA 580 Week 6 - Strategic Plan 1 Workshop 6 Strategic Plan...

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Strategic Plan 1 Workshop 6 Strategic Plan Paper Abstract Companies need to evaluate the many risks that can be encountered if controls are not in place or a good strategic plan is not executed. A company must have a strategy that is well thought out, complies with legal regulations, and increases profits. A strong plan and good company values need to exist to ensure the best interests of all stakeholders are kept in mind. Competition is increasing in the financial industry causing companies such as The Bank of New York Mellon to implement a tactical plan that allows them to remain a leader.
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Strategic Plan 2 Strategic Plan Addressing risk and having the right strategic plan that explores different products and service options is crucial to ensuring the greatest amount of success with the least amount of risk being encountered by a company. Some risks of choosing the wrong option or having compliance issues may include legal issues, loss of customers, and declining revenue for companies. The purpose of this paper is to outline a strategic plan for The Bank of New York Mellon to deal with increasing competition in the financial industry as well as the recent problems with the economy. 1. Executive Summary The Bank of New York Mellon has the opportunity to be even more successful. Their expertise is their quality name, products, and services. To maintain their leading edge they need to come up with innovative products. The Bank of New York Mellon is positioned to take advantage of this growth opportunity with their strong market share, experienced staff, a well thought out strategy, controls, and effective management team. 2. Company Background On July 2, 2007 the merger between The Bank of New York and Mellon Financial Corporation was completed. The Bank of New York Mellon Corporation (Ticker BK) is a global financial services company and as a result of the merger they have become a leader in asset management and securities services (BNY Mellon, 2008). The merger was successful because of the combining of their assets and strong leadership teams they were able to become the world's largest depository for America and are ranked as a top 10 U.S. Wealth Manager and the largest global asset manager. The Bank of New York Mellon (BNY Mellon) has a mutual fund department in the Lake Mary, Florida area that prepares daily, monthly, and yearly work for
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Strategic Plan 3 401K plans for clients throughout the world who outsource their accounting. The purpose of this paper is to outline a strategic plan for the accounting department within BNY Mellon. Many mutual funds have been closing recently due to companies wanting to reduce costs because of the similarities of some of these funds. 3. Vision Statement
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MBA 580 Week 6 - Strategic Plan 1 Workshop 6 Strategic Plan...

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