Financial Management Board (FMB) Certification

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One of the great opportunities currently available to First Nations is the ability to obtain certification through the Financial Management Board. This certification allows Nations to demonstrate to both external partners and community members that their operations are conducted in a manner that demonstrates financial transparency, accountability, and credibility.

LCI’s approach to working with Nations to obtain FMB Certification is focused on supporting the changes to the practices of Administration & Governance, rather than just checking off boxes to obtain certification. As we believe that everything is connected, it is critical that this journey is undertaken in a manner that recognizes and reflects upon the impacts of each decision along the way. Changes to processes and practices must still reflect the values and cultural standards important to the Nation.

The final outcome of this process is to obtain FMB Certification for the Nation in a manner that reflects the unique circumstances of their community in order that they can more successfully engage with community members, lenders, and investors.

One of the great opportunities currently available to First Nations is the ability to obtain certification through the Financial Management Board. This certification allows Nations to demonstrate to both external partners and community members that their operations are conducted in a manner that demonstrates financial transparency, accountability, and credibility.

LCI’s approach to working with Nations to obtain FMB Certification is focused on supporting the changes to the practices of Administration & Governance, rather than just checking off boxes to obtain certification. As we believe that everything is connected, it is critical that this journey is undertaken in a manner that recognizes and reflects upon the impacts of each decision along the way. Changes to processes and practices must still reflect the values and cultural standards important to the Nation.

The final outcome of this process is to obtain FMB Certification for the Nation in a manner that reflects the unique circumstances of their community in order that they can more successfully engage with community members, lenders, and investors.

Key Deliverables

1.       FMB Certification Readiness Report, including Policy Inventory, Audit and Financial Reporting, Financial Management Systems, Organizational Preparedness, Financial Ratios and Gap Analysis

2.       Creation or update of the Nation’s Financial Administration Law; and may include detailed policy review, recommendations and/or development, committee terms of reference, engagement and reporting, Strategic Planning, Multi-year operating, capital and asset management planning and a Risk Management Plan.

3.       Workplan, including schedule and budget to ensure eligibility and complete submission for FMB Certification.

4.       As identified in the Certification Readiness Report, feedback from leadership and stakeholders, the next phase may include an operational review and possible update of the Nation’s existing Financial Management System, training and compliance reporting, Finance and Audit Committee engagement and reporting, develop or update monthly, quarterly and annual reporting templates, implementation support of the Financial Management System

5.       The Final Phase will include a Final Financial Management Readiness Assessment, Financial Management System Review, FMB Financial Management System Certification Application, Financial Performance Ratios Review and Confirmation, FMB Financial Performance Certification Application, FMB Coordination, Chief and Council, Committee Engagement and Reporting, as required