Under the FAL, Council must create a policy to make sure all risks involved in carrying on for-profit activities in the First Nation are limited or managed.
This policy includes the steps for the following:
- identifying any risks with carrying out a presented for-profit activity
- taking the steps needed to limit or manage the risks to the First Nation
- making sure any for-profit activities are being done in support of the rules and standards of the FAL
- getting the approvals needed to do the for-profit activity
- tracking any approved for-profit activity