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Aligning with International
Standards and Agendas
A robust Theory of Change provides the foundation for an organization's impact strategy, but its effectiveness is greatly enhanced when complemented by other evaluation and reporting tools and aligned with international standards and agendas.
The Impact Management Project (IMP) offers a comprehensive framework that serves as an alternative tool for mapping outcomes, guiding organizations in assessing and managing their impact more effectively. By delineating clear outcome dimensions and providing structured guidance on measurement and risk assessment, IMP enables practitioners to articulate the pathways through which their interventions create value. Its framework not only supports the identification and tracking of both quantitative and qualitative outcomes but also facilitates stakeholder engagement and accountability. IMP empowers organizations to integrate impact measurement into their strategic decision-making processes, ultimately enhancing transparency and driving continuous improvement in social and environmental performance.
Social Return on Investment (SROI) is a comprehensive framework that measures and communicates the broader value created by an organization's activities by assigning monetary values to social, environmental, and economic outcomes. Essentially, SROI goes beyond traditional financial metrics by capturing the positive impacts generated for stakeholders and society at large, translating these benefits into a ratio that compares the value created to the investment made. This methodology involves engaging stakeholders, mapping out the causal pathways of change, and then quantifying both direct and indirect outcomes, which helps organizations to prioritize resources, improve decision-making, and demonstrate accountability. The SROI’s mindset is particularly interesting to explore social bonds as a financing opportunity, incentivizing organizations to bear in mind the value their products or services add to the state.
These alternative approaches to mapping impact can actually integrate the Theory of Change, offering a clear picture of value for money, and help justify investments in impact-oriented initiatives. These tools collectively inform decision-making by quantifying both the benefits and the uncertainties associated with an intervention.
The alignment with international standards and agendas facilitates the credibility of the multiple variables identified as outputs, outcomes and impact, as expressed in the Theory of Change, the IMP or the SROI. Let’s explore some of these references.
IRIS+ is a comprehensive framework developed by the Global Impact Investing Network that provides standardized metrics and indicators for measuring social, environmental, and financial performance across impact investments. By offering a common language and clear definitions, IRIS+ enables investors and organizations to reliably assess and compare the outcomes of their activities, thereby enhancing transparency, accountability, and decision-making. This standardization is particularly valuable in aligning impact measurement with global sustainability agendas, facilitating more effective tracking of progress towards shared goals and ultimately contributing to a more robust and scalable impact investing ecosystem.
Sustainability reporting standards further enrich this approach by framing performance within a broader context of social, economic, and environmental sustainability.
The Global Reporting Initiative (GRI), the European Sustainability Reporting Standards (ESRS), and the International Financial Reporting Standards (IFRS) can ensure transparent, consistent, and comparable reporting on environmental, social, and governance (ESG) performance. These frameworks enable organizations to track and communicate their sustainability efforts in a structured manner, providing stakeholders and investors with reliable data on a company’s impact and risk management practices. By adhering to these standards, companies can benchmark their performance against global best practices, enhance accountability, and drive long-term value creation, all while aligning their operations with broader sustainability goals.
Finally, aligning these frameworks with the Sustainable Development Goals (SDGs) further underscores the global relevance of an organization’s impact model. By mapping activities and outcomes to the SDGs, organizations ensure that their Theory of Change contributes to internationally recognized targets—such as eradicating poverty, promoting good health and well-being, and fostering innovation. This integrated approach not only strengthens the theoretical underpinnings of the impact model but also provides a comprehensive, internationally aligned framework for sustainable development, ultimately driving long-term, measurable change.
“The whole world is one big dysfunctional family.
But no matter how dysfunctional we are, we can still have a positive impact on each other's lives. We can still try to get along together”
EDDIE GRIFFIN
MUST READ
Social Economy: Management, Leadership, and Innovation in Portugal
This comprehensive document explores various facets of the social economy sector in Portugal, emphasizing innovation, leadership, and management. It examines the challenges and opportunities within this sector, including the evolving paradigm of social innovation and impact. Key areas discussed include measuring impact, ensuring financial sustainability, the role of advisory boards, and effective advocacy. Furthermore, the text highlights the importance of inter-sectoral partnerships and collaborative networks in driving social change and creating value. Ultimately, it aims to provide insights and guidance for strengthening the social economy and its contribution to societal well-being.
real-life examples
LEARN BY STUDYING
A non-profit impact investment fund that uses IRIS+ metrics to measure the effectiveness of its investments in tackling poverty and inequality while aligning with SDGs.
Acumen
GLOBAL
An incubator that integrates IMP principles into its evaluation framework, ensuring that early-stage impact enterprises generate measurable and scalable change.
Social Alpha
INDIA
fundamental questions
LEARN BY ASKING
In what ways do the IMP principles help categorize and assess impact data?
Which sustainability standards would be critical in your sustainability report? Please chose just one of the reporting standards.
How can impact measurement be used to attract mission-aligned investors and stakeholders?
Can my initiative saving money to the state and the taxpayers? In what ways?
What are the key indicators that best capture the outcomes of my regenerative enterprise?
"The best way to find yourself is
to lose yourself in the service of others."
MAHATMA GANDHI
LEARN BY PRACTICING
assignments
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Still having doubts?
Online Clarification Session
10th April
6 - 7 PM (Lisbon Time)
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