What is the difference between ISO Certification and the FMS Certification?
The FMS Certification shows that a Nation has put in place good governance and finance practices. It is adapted for First Nations governments and the FMB's services come at no cost to the First Nation. ISO's certifications are not specific to First Nations and a First Nation needs to pay to become ISO Certified.
Becoming FMS certified also allows a Nation to be eligible for borrowing at low cost through the FNFA.
What do we do after receiving a FMS Certificate?
A Financial Management System Certificate provides confidence to members and allows FNFA borrowing members to remain in good standing. Your First Nation must commit to continue to use the good governance and finance practices in your FAL to maintain a reliable financial management system.
Does our certificate expire?
At this time the FMS Certificate does not have an expiration date but becomes dated the longer that time has passed since it was issued. Nations can request a new FMS Certificate review if they wish to have an updated FMS Certificate.The FNFA may also request a Nation for an updated FMS Certificate depending on their borrowing needs.