Literacy Basics - Community Literacy of Ontario

Financial and Human Resource Management

The issue of risk management is complicated and reaches beyond the scope of governance and this online training module, but there are some key areas that directors will want to be informed about pertaining to risk management and financial and human resource management.

In relation to human resource management, board members should be knowledgeable about:

• Employment insurance and income tax laws and payroll related standards and regulations
• Workplace safety and liability
• Workplace hazardous waste and material handling (if applicable)
• Consultant and non-employee regulations
• Employment legislation and standards

With regards to financial management, directors should ensure:

• Auditors are appointed annually and audit reports are reviewed thoroughly
• Finance committees are in place and financial reports are provided and reviewed regularly
• Safeguards are in place for financial resources, including banking and back-ups of financial reporting documents
• Policies are in place and monitored that are related, but not limited to, investing, use of credit cards, signing authorities and fundraising
• They are knowledgeable about revenues and costs of the organization

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