The FJMC works jointly with the Department of Fisheries and Oceans Canada (DFO) to co-manage all fish, fish habitat, and marine mammals within the Inuvialuit Settlement Region (ISR). The FJMC has the power to directly advise the Minister of Fisheries and Oceans on fisheries issues.

The Committee is responsible for collecting harvest information and making recommendations on subsistence quotas for fish and harvestable quotas for marine mammals. The FJMC has also implemented a system to monitor sports fishing on both Crown and Inuvialuit owned lands. To increase Inuvialuit participation in fisheries management, the Committee also has developed a student mentoring program.

To ensure resource users have input in co-management process, FJMC conducts community tours to visit all the communities in the Settlement Region. Community consultations are essential for identifying and prioritizing local user-based resource concerns and developing subsequent research projects. The FJMC has a research budget. Each year the FJMC contributes to research, assessment, and monitoring projects that address concerns raised at the community level. Examples of projects include monitoring beluga whale harvests, studies of arctic char and evaluations of the health of ringed seals. These research projects provide convincing examples of how well Traditional Knowledge and Western Science can complement each other and help to solve difficult resource management issues in the ISR.

Two of its members are appointed by the Government of Canada (through Orders in Council) and two members are appointed by the Inuvialuit (Inuvialuit Game Council). The fifth member, the Chair, is selected by the appointed members.