Global Standards
How the III aligns to global frameworks
What are our impact indicators and reporting processes aligned to?
Our impact indicators and reporting processes are aligned to the:
Our impact indicators and reporting processes are aligned to the:
- Global Reporting Initiative (GRI)
- International Integrated Reporting Framework (IIRC)
- Impact Reporting and Investment Standards (IRIS)
- Framework for Impact Statements (FIS Beta) – Impact Institute
What is our impact assessment methodology aligned to?
What is Our Impact Assessment Methodology Aligned to?
- The World Business Council for Sustainable Development: Social and Human Capital Protocols
- The Sustainable Development Goals Compass
What are our impact measurement processes informed by?
What are Our Impact Measurement Processes Informed By?
- The OECD Social Investment Guidelines
- World Handbook on Impact Evaluation
What are our impact management and measurement frameworks aligned to?
What are our Impact Management and Measurement Frameworks Aligned to?
- The Impact Management Project
- IFC Impact Principles
- Guidelines for Good Impact Practices: GINN and EVPA
- Principles of Social Value
- Better Evaluation Rainbow Framework
IMM Requirements
III and NGC Alignment
Impact Measurement:
- Impact achieved during the investment period
- Impact by investment/input type
- Sustainable Development Goals targets and alignment
- NDP targets and alignment
- Importance of impact objectives
- Impact by stakeholder group
Impact by dimension - positive or negative
Impact Engagement:
- Impact by stakeholder group
- Impact by location
- Impact by stakeholder demographic
Impact Measurement:
- Scale of impact by impacted stakeholder group
- Depth of impact—the degree of change experienced by impacted stakeholders
- Duration of impact
Impact Analysis:
- How the impact can be attributed to the investor
- The depth and range of impact achieved
Impact Verification:
- Impact analysis according to 20-point scale of analysis including efficiency, execution, alignment, expected impact and return
IFC Requirements
III and NGC Alignment
Strategic Intent:
- Define strategic impact objective(s) consistent with the investment strategy
- Manage strategic impact on a portfolio basis
Impact Planning:
- Development of impact strategy with impact objectives
- Development of impact investment theories, frameworks, thesis, portfolios and interventions
- Management of impact through strategic, operational and programmatic assessment
Impact Structuring:
- Establish the manager’s contribution to the achievement of impact
- Assess the expected impact of each investment, based on a systematic approach
- Assess, address, monitor, and manage potential negative impacts of each investment
Impact Management and verification:
- Determine impact through impact assessment process
- Assess and analyse attribution and contribution
- Analyse impact through according to impact dimensions and criteria
Portfolio Management:
- Monitor the progress of each investment in achieving impact against expectations and respond appropriately
Impact Management:
- Analyse impact data and progress of implementation by reviewing monitoring and evaluation reports
Impact at Exit:
- Conduct exits considering the effect on sustained impact
- Review, document, and improve decisions & processes based on the achievement of impact and lessons learned
Impact Insights and Reporting:
- Analyse impact and return on investment achieved
- Make recommendations to enhance, improve impact and return or exit
- Document impact and return and lessons learnt through stakeholder engagement and input
Independent Verification:
- Publicly disclose alignment with the Principles and provide regular independent verification of the alignment
Impact Verification:
- Develop impact management report
- Share or communicate impact and return on investment achieved
GINN Guidelines
III and NGC Alignment
Set Impact Goals:
A clear investment thesis and/or Theory of Change/Value Creation forms the basis for strategic planning and ongoing decision-making, provides guidance for sourcing and due diligence, and serves as a reference point for performance throughout the life of an investment.
Impact design, planning and management:
- Review, develop, define or review investment thesis in terms of strategy and resources outlining the impact intent
- Assess effectiveness against strategic objectives, operational process and system and programmatic activities
- Identify key stakeholders across the impact value chain
- Identify positive or negative changes that result from the investment through impact indicators
- Analyse impact and return against impact criteria
- Confirm social or environmental and economic objectives targets or goals for the investment and ensure they’re aligned to stakeholder expectations
- Identify any risks to achieving the impact goals and objectives
Develop framework and select metrics:
An effective impact framework outlining how specific metrics are used across the entire impact measurement process, including metrics and a description of the logic for how they are applied to the portfolio.
Impact Measurement:
- Evaluate and review baseline data, investment & development intent and themes/strategies
- Review the impact framework and align with impact indicators
- Review the existing monitoring, evaluation and performance management process
- Develop a logical framework and Theory of Change for impact assessment
- Determine impact and return on investment according to impact dimensions
Collect and store data:
Efficient and effective data collection & management of performance data, taking into account the necessary information technology, tools, resources, human capital and methods used to obtain & track data.
Validate data:
A complete and transparent presentation of results including sufficient information (to cross check calculations and assumptions against known data sources) and also provide an audit trail.
Analyse Data:
Comparable data analysis using standard, objective processes to produce widely understood and actionable results.
Impact Verification:
- Ensure that data aligns with operational processes and the information needs of stakeholders
- Collect impact data
- Store data on digital system
- Ensure integrity and security of data
- Ensure data completeness and quality throughout
- Provide evidence of data collection process
Impact Validation:
- Check data for completeness, quality and integrity
- Integrate review and assurance aspects of data collected
- Include data for auditing in management report
Analyse, Triangulate and synthesize data:
- Use both qualitative and quantitative data analysis and research methodologies
- Ensure that analysis informs conclusions and recommendations
- Ensure that data informs decision-making and reporting expectations
- Analyse data to assess progress towards investment goals, including contribution or attribution
- Compare data against baseline, counterfactual or other benchmarked data
Report data:
Ensure data reporting and analysis is evidence-based, aligns with stakeholder expectations about depth of information covered, presenting information in a coherent manner, and enable comparisons and decision-making.
Data Reporting:
- Report on material data
- Report a balanced and transparent version of the achievement of goals, results and learning, including positive and negative results
- Follow a standardised structure, approach and format for data reporting
- Include assessment methodologies and stakeholders involved
- Clearly state assumptions made, proxies used, and data sources drawn upon
Data driven decision making for investments:
Review investment results including an assessment of stakeholder feedback as well as recommendations for actions to address changes to the Investment Thesis or Theory of Change.
Data conclusions and recommendations:
- Integrate data metrics into core decision-making processes and tools
- Clarify linkages between impact metrics and management decisions
- Use the data collected and assessed to inform conclusions and recommendations
- Ensure report aligns to stakeholder requirements
- Provide strategic, operational and programmatic insights
- Provide data analysis across investment themes or portfolios and programs
- Make recommendations to enhance future impact and return on investment
Social Value Guidelines
III and NGC Alignment
Involve Stakeholders:
Inform what gets measured and how this is measured and valued in an account of social value by involving stakeholders.
Stakeholders are those people or organisations that experience change as a result of the activity and they will be best placed to describe the change. This principle means that stakeholders need to be identified and then involved in consultation throughout the analysis, in order that the value and the way that it is measured, is informed by those affected by, or who affect, the activity.
Impact Engagement:
- Stakeholders are classified into three categories (primary – investors, executives, board, practitioners and management), secondary (implementers of programs/interventions) and tertiary – (those impacted by interventions). Each stakeholder group is engaged according to their input, the activities, outputs and envisaged outcomes of the project or initiative to ensure a complete view of the impact value chain
- In addition, impact is recorded, considered and calculated according to each impacted stakeholder group
Understand what changes:
Articulate how change is created and evaluate this through evidence gathered, recognising positive and negative changes as well as those that are intended and unintended.
Value is created for or by different stakeholders as a result of different types of change; changes that the stakeholders intend and don’t intend, as well as changes that are both positive and negative.
This principle requires a theory of how these different changes are created, which is informed by stakeholders and supported by evidence. These changes are the outcomes of the activity, made possible by the contributions of stakeholders. It’s these outcomes that must be measured in order to provide evidence that the change has taken place.
Impact Management:
- A management assessment, based on 75 benchmarks, is conducted to understand the investment intent, objectives and targets
- A Theory of Change is developed based on the impact strategy or thesis. This is tested through the impact assessment process
- All impact is identified according to impact indicators which is categorised according to impact dimensions, both positive and negative impacts are recorded
- Evidence is validated through engagement, site visits, documentation and literature review.
Value the outcomes that matter:
Making decisions about allocating resources between different options needs to recognise the values of stakeholders. Value refers to the relative importance of different outcomes. It’s informed by stakeholders’ preferences.
There are various ways of achieving this. One method is to use financial proxies which as well as revealing preferences also means that the value can be compared with the cost of the activity. This can be an effective means of communicating value in order to influence decisions.
Impact Analysis:
- A cost benefit and effectiveness analysis are conducted on both impact & return. The cost of each impact or return is determined by the number of impacts or returns identified and experienced by impacted stakeholders
- Impact is analysed according to 20 criteria, including effectiveness, efficiency, materiality, viability, sustainability, etc.
- No financial proxies are used to confirm impact and return on investment achieved, rather actual evidence of impact is identified and categorised according to impact and return objectives and dimensions
Only include what is material:
Determine what information and evidence must be included in the accounts to give a true and fair reflection, so that stakeholders can draw reasonable conclusions about impact.
One of the most important decisions to make is which outcomes to include and exclude from an account. This decision should recognise that there will be many outcomes, and a reporting organisation cannot manage and account for all of them. The basic judgement to make is whether a stakeholder would make a different decision about the activity if a particular piece of information were excluded. An assurance process is important in order to give those using the account comfort that material issues have been included.
Impact Verification:
- Impact and return on investment are only included if it can be verified by the impacted stakeholders
- During the analysis process, an opinion is expressed on the relevance and materiality of the strategy as well as the interventions.
- The following criteria is considered:
-
- Effectiveness and efficiency
- Feasibility and viability
- Relevance and materiality
- Responsiveness and significance
- Contribution and attribution
- Trade off, dead weight and drop off
- Impact and return on investment
- Sustainability and inclusiveness
- Coherence and integration
Do not overclaim:
Only claim the value that activities are responsible for creating.
This principle requires reference to baselines, trends and benchmarks to help assess the extent to which a change is caused by the activity, as opposed to other factors. Reporting on and managing the outcomes that have been determined with the affected stakeholders will enable other people or organisations to better understand how they can contribute to creating value, avoiding negative outcomes and encouraging a system or collective approach to achieving outcomes.
Impact Analysis:
- Only impact that is identified and verified by impacted stakeholders is considered
- Baselines are considered where available
- Trends is confirmed and identified through benchmarking and comparative research and benchmarking
- Existing monitoring and evaluation reports is considered as part of the impact evidence chain
- The impact thesis/strategy, Theory of Change, and logic model frameworks are considered to confirm and inform impact and return on investment identified
- Any other impact that is evident is classified according to the impact dimensions and clearly marked as incidental, indirect and unintended, etc.
Be transparent:
Demonstrate the basis on which the analysis may be considered accurate and honest and show that it will be reported to and discussed with stakeholders.
This principle requires that each decision is explained and documented in relation to: stakeholders, outcomes, indicators and benchmarks; the sources and methods of information collection; the different scenarios considered and the communication of the results to stakeholders. This will include an account of how those responsible for the activity will change the activity as a result of the analysis. The analysis will be more credible when the reasons for the decisions are transparent.
Impact Reporting:
- The impact management report provides detailed insights into the impact research and assessment methodologies, as well as contains impact conclusions and recommendations to enhance/inform future impact and return on investment decisions
- An indicator library is provided for future decision-making and benchmarking
- A stakeholder database of all engagement is included
- Research and information collection references are provided
- Analysis is provided on strategic, operational and programmatic dimensions
- Analysis is provided by investment portfolio, theme and individual intervention
- Scenario modelling is part of the recommendations resulting from the outcome of the impact assessment process
Verify the result:
Ensure appropriate independent assurance.
Any account of value involves judgment and some subjectivity. Therefore, an appropriate independent assurance is required to help stakeholders assess whether the decisions made by those responsible for the account were reasonable.
Impact Verification:
- Impact management reporting is provided to impact managers, boards, and executives
- Impact reports are prepared for impact intermediaries to ensure transparency
- Impact opinions are expressed regarding the alignment between the impact strategy/thesis and outcomes and impact achieved through the investment
- Impact is independently verified and is based on stakeholder input
Better Evaluation Rainbow Framework
III and NGC Alignment
- Synthesise data from previous research and evidence. Extrapolate findings to current situation.
- Define what is to be evaluated, including the investment portfolio Theory of Change and potential unintended consequences.
- Frame the boundaries for the evaluation of investment, including purpose, key questions, consumers, criteria and standards.
- Describe activities, outcomes, impacts and context. Collect and retrieve data to answer descriptive questions.
- Understand causes of outcomes and impacts. Consider whether it is best to use experimental, quasi-experimental or non-experimental approaches to understand causes.
- Synthesize performance data across financial and social returns. Synthesize data from one or more evaluations across the portfolio.
- Report and Support use of findings among internal and external audiences.
Impact Planning:
- Establish impact mandate and investment thesis
- Develop impact metrics
- Develop measurement framework and tools
- Identify stakeholders to be involved in impact measurement process
Impact Management:
- Review impact thesis, Theory of Change and logic model frameworks
- Review existing measurement strategies, processes, systems and operations
Impact Measurement and Validation:
- Evaluate performance against impact mandate and investment thesis or strategy
- Identify indicators to validate impact and return
- Develop impact scorecards to reflect impact and return achieved by stakeholder group and by impact dimension
- Calculate impact and return on investment achieved
- Compare findings across portfolios, themes and programs
Impact Reporting:
- Share impact findings, report and dashboard
- Communicate impact, return and learnings
- Determine cost benefit of impact and return achieved
- Make recommendations to improve impact and return on investment
IMM Requirements
III and NGC Alignment
Impact Measurement:
- Impact achieved during the investment period
- Impact by investment/input type
- Sustainable Development Goals targets and alignment
- NDP targets and alignment
- Importance of impact objectives
- Impact by stakeholder group
Impact by dimension - positive or negative
Impact Engagement:
- Impact by stakeholder group
- Impact by location
- Impact by stakeholder demographic
Impact Measurement:
- Scale of impact by impacted stakeholder group
- Depth of impact—the degree of change experienced by impacted stakeholders
- Duration of impact
Impact Analysis:
- How the impact can be attributed to the investor
- The depth and range of impact achieved
Impact Verification:
- Impact analysis according to 20-point scale of analysis including efficiency, execution, alignment, expected impact and return
IFC Requirements
III and NGC Alignment
Strategic Intent:
- Define strategic impact objective(s) consistent with the investment strategy
- Manage strategic impact on a portfolio basis
Impact Planning:
- Development of impact strategy with impact objectives
- Development of impact investment theories, frameworks, thesis, portfolios and interventions
- Management of impact through strategic, operational and programmatic assessment
Impact Structuring:
- Establish the manager’s contribution to the achievement of impact
- Assess the expected impact of each investment, based on a systematic approach
- Assess, address, monitor, and manage potential negative impacts of each investment
Impact Management and verification:
- Determine impact through impact assessment process
- Assess and analyse attribution and contribution
- Analyse impact through according to impact dimensions and criteria
Portfolio Management:
- Monitor the progress of each investment in achieving impact against expectations and respond appropriately
Impact Management:
- Analyse impact data and progress of implementation by reviewing monitoring and evaluation reports
Impact at Exit:
- Conduct exits considering the effect on sustained impact
- Review, document, and improve decisions & processes based on the achievement of impact and lessons learned
Impact Insights and Reporting:
- Analyse impact and return on investment achieved
- Make recommendations to enhance, improve impact and return or exit
- Document impact and return and lessons learnt through stakeholder engagement and input
Independent Verification:
- Publicly disclose alignment with the Principles and provide regular independent verification of the alignment
Impact Verification:
- Develop impact management report
- Share or communicate impact and return on investment achieved
GINN Guidelines
III and NGC Alignment
Set Impact Goals:
A clear investment thesis and/or Theory of Change/Value Creation forms the basis for strategic planning and ongoing decision-making, provides guidance for sourcing and due diligence, and serves as a reference point for performance throughout the life of an investment.
Impact design, planning and management:
- Review, develop, define or review investment thesis in terms of strategy and resources outlining the impact intent
- Assess effectiveness against strategic objectives, operational process and system and programmatic activities
- Identify key stakeholders across the impact value chain
- Identify positive or negative changes that result from the investment through impact indicators
- Analyse impact and return against impact criteria
- Confirm social or environmental and economic objectives targets or goals for the investment and ensure they’re aligned to stakeholder expectations
- Identify any risks to achieving the impact goals and objectives
Develop framework and select metrics:
An effective impact framework outlining how specific metrics are used across the entire impact measurement process, including metrics and a description of the logic for how they are applied to the portfolio.
Impact Measurement:
- Evaluate and review baseline data, investment & development intent and themes/strategies
- Review the impact framework and align with impact indicators
- Review the existing monitoring, evaluation and performance management process
- Develop a logical framework and Theory of Change for impact assessment
- Determine impact and return on investment according to impact dimensions
Collect and store data:
Efficient and effective data collection & management of performance data, taking into account the necessary information technology, tools, resources, human capital and methods used to obtain & track data.
Validate data:
A complete and transparent presentation of results including sufficient information (to cross check calculations and assumptions against known data sources) and also provide an audit trail.
Analyse Data:
Comparable data analysis using standard, objective processes to produce widely understood and actionable results.
Impact Verification:
- Ensure that data aligns with operational processes and the information needs of stakeholders
- Collect impact data
- Store data on digital system
- Ensure integrity and security of data
- Ensure data completeness and quality throughout
- Provide evidence of data collection process
Impact Validation:
- Check data for completeness, quality and integrity
- Integrate review and assurance aspects of data collected
- Include data for auditing in management report
Analyse, Triangulate and synthesize data:
- Use both qualitative and quantitative data analysis and research methodologies
- Ensure that analysis informs conclusions and recommendations
- Ensure that data informs decision-making and reporting expectations
- Analyse data to assess progress towards investment goals, including contribution or attribution
- Compare data against baseline, counterfactual or other benchmarked data
Report data:
Ensure data reporting and analysis is evidence-based, aligns with stakeholder expectations about depth of information covered, presenting information in a coherent manner, and enable comparisons and decision-making.
Data Reporting:
- Report on material data
- Report a balanced and transparent version of the achievement of goals, results and learning, including positive and negative results
- Follow a standardised structure, approach and format for data reporting
- Include assessment methodologies and stakeholders involved
- Clearly state assumptions made, proxies used, and data sources drawn upon
Data driven decision making for investments:
Review investment results including an assessment of stakeholder feedback as well as recommendations for actions to address changes to the Investment Thesis or Theory of Change.
Data conclusions and recommendations:
- Integrate data metrics into core decision-making processes and tools
- Clarify linkages between impact metrics and management decisions
- Use the data collected and assessed to inform conclusions and recommendations
- Ensure report aligns to stakeholder requirements
- Provide strategic, operational and programmatic insights
- Provide data analysis across investment themes or portfolios and programs
- Make recommendations to enhance future impact and return on investment
Social Value Guidelines
III and NGC Alignment
Involve Stakeholders:
Inform what gets measured and how this is measured and valued in an account of social value by involving stakeholders.
Stakeholders are those people or organisations that experience change as a result of the activity and they will be best placed to describe the change. This principle means that stakeholders need to be identified and then involved in consultation throughout the analysis, in order that the value and the way that it is measured, is informed by those affected by, or who affect, the activity.
Impact Engagement:
- Stakeholders are classified into three categories (primary – investors, executives, board, practitioners and management), secondary (implementers of programs/interventions) and tertiary – (those impacted by interventions). Each stakeholder group is engaged according to their input, the activities, outputs and envisaged outcomes of the project or initiative to ensure a complete view of the impact value chain
- In addition, impact is recorded, considered and calculated according to each impacted stakeholder group
Understand what changes:
Articulate how change is created and evaluate this through evidence gathered, recognising positive and negative changes as well as those that are intended and unintended.
Value is created for or by different stakeholders as a result of different types of change; changes that the stakeholders intend and don’t intend, as well as changes that are both positive and negative.
This principle requires a theory of how these different changes are created, which is informed by stakeholders and supported by evidence. These changes are the outcomes of the activity, made possible by the contributions of stakeholders. It’s these outcomes that must be measured in order to provide evidence that the change has taken place.
Impact Management:
- A management assessment, based on 75 benchmarks, is conducted to understand the investment intent, objectives and targets
- A Theory of Change is developed based on the impact strategy or thesis. This is tested through the impact assessment process
- All impact is identified according to impact indicators which is categorised according to impact dimensions, both positive and negative impacts are recorded
- Evidence is validated through engagement, site visits, documentation and literature review.
Value the outcomes that matter:
Making decisions about allocating resources between different options needs to recognise the values of stakeholders. Value refers to the relative importance of different outcomes. It’s informed by stakeholders’ preferences.
There are various ways of achieving this. One method is to use financial proxies which as well as revealing preferences also means that the value can be compared with the cost of the activity. This can be an effective means of communicating value in order to influence decisions.
Impact Analysis:
- A cost benefit and effectiveness analysis are conducted on both impact & return. The cost of each impact or return is determined by the number of impacts or returns identified and experienced by impacted stakeholders
- Impact is analysed according to 20 criteria, including effectiveness, efficiency, materiality, viability, sustainability, etc.
- No financial proxies are used to confirm impact and return on investment achieved, rather actual evidence of impact is identified and categorised according to impact and return objectives and dimensions
Only include what is material:
Determine what information and evidence must be included in the accounts to give a true and fair reflection, so that stakeholders can draw reasonable conclusions about impact.
One of the most important decisions to make is which outcomes to include and exclude from an account. This decision should recognise that there will be many outcomes, and a reporting organisation cannot manage and account for all of them. The basic judgement to make is whether a stakeholder would make a different decision about the activity if a particular piece of information were excluded. An assurance process is important in order to give those using the account comfort that material issues have been included.
Impact Verification:
- Impact and return on investment are only included if it can be verified by the impacted stakeholders
- During the analysis process, an opinion is expressed on the relevance and materiality of the strategy as well as the interventions.
- The following criteria is considered:
-
- Effectiveness and efficiency
- Feasibility and viability
- Relevance and materiality
- Responsiveness and significance
- Contribution and attribution
- Trade off, dead weight and drop off
- Impact and return on investment
- Sustainability and inclusiveness
- Coherence and integration
Do not overclaim:
Only claim the value that activities are responsible for creating.
This principle requires reference to baselines, trends and benchmarks to help assess the extent to which a change is caused by the activity, as opposed to other factors. Reporting on and managing the outcomes that have been determined with the affected stakeholders will enable other people or organisations to better understand how they can contribute to creating value, avoiding negative outcomes and encouraging a system or collective approach to achieving outcomes.
Impact Analysis:
- Only impact that is identified and verified by impacted stakeholders is considered
- Baselines are considered where available
- Trends is confirmed and identified through benchmarking and comparative research and benchmarking
- Existing monitoring and evaluation reports is considered as part of the impact evidence chain
- The impact thesis/strategy, Theory of Change, and logic model frameworks are considered to confirm and inform impact and return on investment identified
- Any other impact that is evident is classified according to the impact dimensions and clearly marked as incidental, indirect and unintended, etc.
Be transparent:
Demonstrate the basis on which the analysis may be considered accurate and honest and show that it will be reported to and discussed with stakeholders.
This principle requires that each decision is explained and documented in relation to: stakeholders, outcomes, indicators and benchmarks; the sources and methods of information collection; the different scenarios considered and the communication of the results to stakeholders. This will include an account of how those responsible for the activity will change the activity as a result of the analysis. The analysis will be more credible when the reasons for the decisions are transparent.
Impact Reporting:
- The impact management report provides detailed insights into the impact research and assessment methodologies, as well as contains impact conclusions and recommendations to enhance/inform future impact and return on investment decisions
- An indicator library is provided for future decision-making and benchmarking
- A stakeholder database of all engagement is included
- Research and information collection references are provided
- Analysis is provided on strategic, operational and programmatic dimensions
- Analysis is provided by investment portfolio, theme and individual intervention
- Scenario modelling is part of the recommendations resulting from the outcome of the impact assessment process
Verify the result:
Ensure appropriate independent assurance.
Any account of value involves judgment and some subjectivity. Therefore, an appropriate independent assurance is required to help stakeholders assess whether the decisions made by those responsible for the account were reasonable.
Impact Verification:
- Impact management reporting is provided to impact managers, boards, and executives
- Impact reports are prepared for impact intermediaries to ensure transparency
- Impact opinions are expressed regarding the alignment between the impact strategy/thesis and outcomes and impact achieved through the investment
- Impact is independently verified and is based on stakeholder input
Better Evaluation Rainbow Framework
III and NGC Alignment
- Synthesise data from previous research and evidence. Extrapolate findings to current situation.
- Define what is to be evaluated, including the investment portfolio Theory of Change and potential unintended consequences.
- Frame the boundaries for the evaluation of investment, including purpose, key questions, consumers, criteria and standards.
- Describe activities, outcomes, impacts and context. Collect and retrieve data to answer descriptive questions.
- Understand causes of outcomes and impacts. Consider whether it is best to use experimental, quasi-experimental or non-experimental approaches to understand causes.
- Synthesize performance data across financial and social returns. Synthesize data from one or more evaluations across the portfolio.
- Report and Support use of findings among internal and external audiences.
Impact Planning:
- Establish impact mandate and investment thesis
- Develop impact metrics
- Develop measurement framework and tools
- Identify stakeholders to be involved in impact measurement process
Impact Management:
- Review impact thesis, Theory of Change and logic model frameworks
- Review existing measurement strategies, processes, systems and operations
Impact Measurement and Validation:
- Evaluate performance against impact mandate and investment thesis or strategy
- Identify indicators to validate impact and return
- Develop impact scorecards to reflect impact and return achieved by stakeholder group and by impact dimension
- Calculate impact and return on investment achieved
- Compare findings across portfolios, themes and programs
Impact Reporting:
- Share impact findings, report and dashboard
- Communicate impact, return and learnings
- Determine cost benefit of impact and return achieved
- Make recommendations to improve impact and return on investment