Getting ready for Financial Management System Certification usually takes a few years, depending on the current state of your governance and finance practices. The amount of effort and resources needed to put in place good governance and finance practices depends on the First Nation.
The formal testing process by the FMB described below takes place once after you have brought your Financial Administration Law (FAL) to life. The formal testing process by the FMB can take as little as a few weeks.
Step 1: Bring your FAL to life
- Before your First Nation asks for a Financial Management System, you must first be sure you have brought your FAL to life.
- View process for more details.
Step 2: Financial Management System review
- Once you have worked through the full "Bring your FAL to life" process, your First Nation’s Council can provide the FMB with a Council Resolution asking for FMS Certification.
- We will contact you to ask for certain documents and to work out a timeline, based on the availability of your staff.
- The FMB’s
- reviewing your policies and documents.
- interviewing key members of Council and staff.
- doing some on-site testing of your First Nations' governance and finance practices.
Step 3: Award of Financial Management System Certificate
- If you pass the testing, we will recommend your First Nation to the FMB Board of Directors for FMS Certification.
- The Board of Directors of the FMB issues the FMS Certificate to your First Nation.
What happens next?
A Financial Management System Certificate provides confidence to your members and allows FNFA borrowing members to stay in good standing. Your First Nation must commit to continue to use the good governance and finance practices in your FAL to keep living by your FAL.
If you have any questions about FMS Certification, please contact us.