Scott, I think if I'm reading your pic right, that the red everyone is talking about as cyano is at the top? Is that even on the monti?
Either way the white spot you are talking about is below it, right? If so, I have seen this happen with my monti's as well. No idea what from, but you may want to consider fragging the monti, taking some good, completely untouched beautiful pieces off that frag and moving them elsewhere. The reason I say this is that when I had similar things happen, the denuded area grows fast, and will consume the coral in no time. If you get some clean frags off they may survive.
If the spot doesn't grow, then it could be just a local burn, chemical or heat or otherwise, and will just exist as a tissue-less area. You'd just need to keep it clean. (I am ashamed to admit I got a burned monti once from not having superglue and trying to use hot glue....duh)