Finance Business Partner - Toronto, Canada - St. Michael's Hospital

St. Michael's Hospital

Verified Company

Toronto, Canada

1 week ago

Posted by:

Sophia Lee

beBee Recruiter

Description

Unity Health Toronto, comprised of Providence Healthcare, St. Joseph's Health Centre and St. Michael's Hospital, works to advance the health of everyone in our urban communities and beyond.

Our health network serves patients, residents and clients across the full spectrum of care, spanning primary care, secondary community care, tertiary and quaternary care services to post-acute through rehabilitation, palliative care and long-term care, while investing in world-class research and education.

Join our team in our mission to continue to put patients and families at the centre of everything we do, in the role of Finance Business Partner - Research.

The Hospital's Finance function has accountability, in partnership with other departments and units within the organization, for all financial matters, such as financial planning, financial reporting and analysis, MOHLTC funding, taxation, etc.

As the Network Research Department continues to mature as a research institution, its financial responsibilities, accountabilities and needs requirements have become more complex.

The Network also manages restricted trust funds for purposes other than research, e.g. education, patient comfort, program support. Finance functions support the effective management of funds for Research and Trust account holders. This includes grant and study budget preparation and monitoring, financial reporting, financial knowledge transfer and financial system training. The Research and Trust team also provides transactional accounting, expense processing and compliance activities.

Reporting to the Manager, Research & Trust Finance, the Finance Business Partner (FBP), Research supports the Manager, as well as providing independent support to various research programs within the Hospital in the following areas: Budget preparation, monitoring and forecasting, and all associated activities and responsibilities associated with these areas.

The incumbents have a deep understanding of program operations and utilize this to provide key partnership and support.

Duties and Responsibilities

Lead the development of research administration program's annual and multiyear operating budget assessing and advising on the key drivers to performance, and subsequently perform the monitoring and forecasting of such budgets on a riskbased approach, managing, challenging and influencing the assumptions used by budget holders to achieve expected financial results.
Utilize a deep understanding of program operations including knowledge of procedures, services in research areas to appraise and confirm budget assumptions, providing insight into drivers to costs and materials utilization and recommendations for increases to budgeted financials or changes in resource utilization.
Implementation of Service planning / cost saving process, whilst guiding and supporting Vice Presidents, Program Directors and budget holders to ensure mitigation strategies are identified and implemented in year to ensure ministry committed results are achieved.
Collectively as finance business partners, coordinate the development and consolidation of the Networks annual and multiyear operating budget, and subsequently perform the monitoring and forecasting of such budgets at a networkwide level with support for stakeholders and escalation of risks and opportunities to Senior decision makers
Lead the quarterly reassessment of program financial forecasts, utilizing historical and current trends and performance drivers to confirm updated financial expectations
Design and execute formal training for financial planning tools across the networks budget and research holders
Leads business case analysis to highlight capital and operational impacts of varying projects, providing insight and recommendations to Vice Presidents and senior stakeholders which enable key business decisions across network wide capital initiatives whilst ensuring alignment with network strategic plan.
Monitoring and analysis of Service Planning / cost saving initiatives with guidance and advice on mitigation strategies should expected outcomes not be achieved
Takes independent, proactive approach to analyzing performance of program, determining causes, trends and proposing creative and innovative solutions based tailored to the specific research and research administration needs; advising on management of financial risk, ensuring mitigation strategies are provided when risks have been identified
Creation and maintenance of strong relationship with program areas, through provision of presentations and engagement of researchers and program directorship and management.
Completion of program specific monthly financial reporting, consolidating various sources of information to provide evidence based insight into financial performance vs expected performance.
Leading presentation to program leaders on performance, ensuring that program targets are met, in order to not return research fundin