In a large nonstick skillet, heat oil over medium-high heat; saute onion and mushrooms until tender. Stir in ham, pepper, broth and water; bring to a boil. Stir in rice. Reduce heat; simmer, covered, until rice is tender, about 5 minutes.
Fluff with a fork. Top with green onions and cheese.
Health Tip: Look for lower-sodium versions of ham in the meat and deli sections. They typically have 25 to 30 percent less.