Ben: you seem to suggest your company does not offer guidance, or you disagree. For me, multi crew coordination in such a scenario is not so important.
a suggestion:
1. MC illuminates. 1st pilot who sees it calls "master Caution."
2. PF calls, "state malfunction."
3. PF remains concentrating on managing the flight. PM re-sets MC & analyses the problem
4. PM, after completing the analysis, informs PF of the problem.
5. PF then knows where to look and confirms the analysis.
6. If there are 'memory items' PF will call for the appropriate checklist memory items to be actioned.
7. PM will action the memory items under supervision of PF. Once complete, and when appropriate, the checklist will then be found and completed from the beginning.
8. If there are no memory items PF will call for the appropriate checklist when appropriate.
9. PM will find and action the checklist reading aloud under supervision of PF.
10. Once the checklists are completed the situation will be reviewed and a future plan of action discussed and decided upon.
This is a generalisation, but should help forming a foundation for an SOP.