FI D I N E WS into the possibility of creating new membership categories to widen the scope of FIDIs network. Q: Why expand the FIDI network? JVS: The moving industry has evolved dramatically over the past 20 years and many Affiliates have widened their service delivery to incorporate new services such as DSP, visa and immigration, Move Management, and so on. At the same time, many non-moving companies are offering moving services within their portfolio, thereby escaping the scrutiny of the FAIM quality system. FIDI believes it is important to move with the times and develop alongside its Affiliates and other stakeholders active in the moving and relocation business. Q: What categories could FIDI integrate? JVS: Visa and immigration, move management businesses, and pure DSP companies are some potential categories operating in the FIDI space. Q: Will we allow external forces into FIDI and FIDIs governance? JVS: The development of allowing new membership categories into FIDI is a slow process, always based on a quality certification. FIDI is governed by its Affiliates, and although new categories will be involved in FIDIs governance in due course, what is clear is that the movers will continue to have the major stake in the running of FIDI. Q: Where can I find additional information? JVS: For more information about why FIDI should open up its membership, read my article in FIDI Focus issue 297 FAIM Financial Assessment The yearly FAIM Financial Assessment requirement was introduced in January 2019, with the launch of the FAIM 3.2 Standard. It was decided to run it as a two-year pilot programme. As a FIDIcompany, your report marketing you can use to prove to your customers that you are sound 22 FF301 Q2 21 pp20-22 Jesse finance.indd 22 Q: What is the FAIM Financial Assessment? JVS: Once a year, all FIDI-affiliated companies have to submit specific financial documents to a secure platform, managed by the FAIM Coordination Centre (FCC) and EY, the independent auditor. EY assesses the financial data to determine the companys financial stability. Each company receives a report with their results. Q: How does EY calculate the data to reach the financial result? JVS: The EY Credit Risk Barometer is a unique solution developed specifically for FIDI, which takes into account long-term and short-term financial ratios. These calculate the risk of a FIDI Affiliate not being creditworthy; in other words, whether it is likely that their company will be able to pay its bills. The assessment is based on the companys audited financial statement of the previous year and returns one single value to indicate its creditworthiness. That value is calculated from three ratios from the companys financial statement: liquidity, solvency and profitability. You can find out more about the financial ratios in the FAIM Library. Q: What are the advantages of the FAIM Financial Assessment for Affiliates and for FIDI? JVS: The Financial Assessment was developed following increased demand from within FIDIs membership and corporate end-customers to prove the financial stability of our membership. EY is an internationally renowned and widely respected auditing firm. As a FIDI-affiliated company, your report is a powerful marketing tool, which you can use to prove to your customers that you are financially sound. For FIDI as an organisation, the yearly Financial Assessment strengthens the FAIM quality programme, and increases the trust between FIDI Affiliates and their customers. Ensuring the financial stability of our Affiliates also reduces the risk to our FASI programme. Q: When will the financial assessment be voted on? JVS: Although the pilot programme was initially planned for two years, the FIDI Board is currently reviewing a proposal to extend the pilot for another year, given the uncertain implication of the COVID-19 crisis on our Affiliates finances.. Q: What is the annual investment? JVS: The annual cost of the yearly Financial Assessment is 330 per Affiliate. This fee covers the financial assessment performed by EY and allows Affiliates to promote to end-customers and partners that they are financially secure, as assessed by EY. During the two-year pilot, this cost was financed by our FASI fund. Q: Where can I find information on the financial assessment? JVS: The FCC published a FAQ on the pilot Financial Assessment, as well as a step-by-step presentation on how the requirement works. You can find all the relevant documentation in the FAIM Library on FIDINET. EY published a report on the 2019 FAIM Financial Assessment results, which you can download from fidi.org. You can find a summary of the report in FIDI Focus issue 298. On 17 March, FIDI is hosting open-door sessions for all Affiliates to present the EY report of the second pilot year, and to look forward to make the Financial Assessment as a permanent feature of FAIM. You may register for the morning or afternoon session to suit your time zone at the following link - fidinet.fidi.org/services/fidimembership/fidi-associations WWW. F I D I FOC U S . OR G 16/03/2021 09:50