Integrating OHS & Business

609: Utilize financial planning strategies

In order for OHS processes to be integrated with broader operational processes, OHS professionals must be able to manage the financial resources of the OHS portfolio and more widely across the business effectively and efficiently, leveraging value while reducing wasteful spending. Being able to undertake relevant financial management reporting, or contributing to such reporting, is essential. In addition, ongoing monitoring of the financial performance of OHS projects or processes will ensure the availability of future resources. Being familiar with, and versed in, the budgetary process, profit, loss and ROI are critical skills.

Prerequisite

None

References in Other Frameworks

INSHPO: F30; IOSH: TC5, CC7

Understand and Remember

– Budgeting tools
– Budgeting software
– Spreadsheet software
– How to read financial statements

Apply and Analyze

– Use budgeting software
– Develop reports detailing the return on investment (ROI) for OHS projects
– Develop a budget for an OHS project
– For a specific project
– For continuous improvement processes

Evaluate and Create

– Communicate the results and impact of budget changes to different audiences
– Evaluate existing OHS budgeting practices
– Identify areas of excellence
– Identify opportunities for improvement
– Develop new or adapt existing OHS budgeting practices in response to a change in the workplace context

No results found.

Related Units of Competency

601 Demonstrate
Understanding of fundamentals of business administration and operations
602 Demonstrate
Understanding of the intersection between OHS and human resource processes
604 Perform
Information gathering, data analysis, and forecasting
607 Develop
And implement an OHS continuous improvement plan
608 Integrate
Health and safety with corporate social responsibility
611 Identify
And implement methods for risk evaluation and decision making in a business environment