Позитивные изменения. Том 2, № 1 (2022). Positive changes. Volume 2, Issue 1 (2022) - Редакция журнала «Позитивные изменения»
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SAMPLE BREAKDOWN
Determine the parameters and range of analysis of interest and split the sample accordingly.
COLLECT STANDARDIZED INFORMATION on IMPACT
Identify and collect the various data needed to assess and compare the impact results in relation to similar initiatives and in relation to the scale of the social or environmental problem concerned.
CONDUCTING the ANALYSIS
Analyze impact information to provide meaningful comparisons and interpretations of results and draw conclusions that are useful for decision-making.
DRAWING CONCLUSIONS
Transparently disclose and use the knowledge gained from the analysis to make key decisions related to investment strategy, selection, management and exit.
STEP 1. SELECTION
In any rigorous approach to indicator analysis, the first step is to segment the project area. Partitioning the sample is the process of establishing and setting criteria for including and excluding market segments from the range of data to be collected and analyzed. This step selects the starting point that determines which investments and impact data are relevant for analysis.
GIIN offers three sampling strategies: by sector, by theme and by strategic objective. A sector breakdown of the investment universe will provide information for direct selection of activities, operational or strategic. A breakdown by theme can help in the development of a long-term strategy, portfolio design and allocation of funds. In some cases the sector and theme are almost identical, e.g. The energy sector and the theme of improving energy access. But in other cases the sector and the impact theme may be different, for example, investments in health insurance companies are in the financial services sector, but the impact theme is health improvement. A breakdown can also be made by asset class and geographical region.
Table 2 presents a description of each sampling breakdown strategy with corresponding indicators, using the example of investing in an investment entity offering health insurance products.
Once the sampling breakdown is done, you can move on to creating a conceptual road map, where a 'theory of change' outlines the way forward to achieve the desired impact outcome within the chosen sector, theme or strategic objective.
STEP 2. GATHERING STANDARDIZED IMPACT INFORMATION
This step starts with the collection of standardized impact information which reflects the outcomes and outputs of the sector, theme or purpose.
Standardization of information means that each individual metric should be disclosed using uniform categories, calculations, units, time periods and rigour criteria. The GIIN methodology uses five categories of information to provide insights into impact outcomes. Three categories reflect the investment: the context of the investment, the context of the investee and the outcomes of the impact. Two categories reflect third-party information that enables analysis and interpretation: the evidence base and the effectiveness threshold. Let's look at each of the five categories separately.
2.1. INVESTMENT CONTEXT
At the level of the investment, it is important to collect data on the timing, context, participation and purpose of the investment (Table 3). They help clarify the potential constraints or objectives that guide an investment strategy and the role that investments play in achieving an outcome or set of outcomes.
Source: GIIN, "Methodology for Standardizing and Comparing Impact Performance".
The actual outcomes of an impact are the data that show the depth, scale or duration of the impact on the ultimate stakeholders.
2.2. THE CONTEXT OF THE INVESTEE
At the level of the investee, it is important to understand who is being affected and how, using a standard set of categories for each qualitative variable (Table 4). This information provides insight into the investee's role in achieving a particular outcome or set of outcomes and complements the investment characteristics described above. For investment management purposes, investors can select additional contextual indicators that reflect their particular set of impact objectives.
Source: GIIN, "Methodology for Standardizing and Comparing Impact Performance".
2.3. IMPACT OUTCOMES
The actual outcomes of an impact are data that show the depth, scale or duration of the impact on the ultimate stakeholders. The volatility or degree of risk of these changes is also an essential element in assessing the effectiveness of the impact. To understand how strong the impact has been, four elements need to be assessed.
• Scale: the number or reach of stakeholders feeling the outcome (e.g. The number of unemployed project participants gaining a new form of employment).
• Depth: the degree of change experienced by the stakeholder (e.g. how much the income of project participants has increased).
• Duration: the period of time over which the stakeholder experiences the final outcome (e.g., the length of time over which there is an increase in income).
• Volatility: the extent to which intermediate and final outcomes vary over time (e.g. The variation in employment and income from year to year).
Source: GIIN, "Methodology for Standardizing and Comparing Impact Performance".
Investors should monitor the full scale of positive and negative outcomes arising both directly from investing in the activities, products and services of the investee and indirectly through the activities of the various stakeholders affected by the investee.
GIIN recommends using the IRIS+ core metrics set launched in May 2019 for evaluation purposes. They are designed to research each of the described types of data: scale, depth, duration and volatility, taking into account the positive / negative and expected / side effects of certain investments. In addition, IRIS+ metrics include indicators that reflect stockpiles and flows, as described earlier.
2.4. THE EVIDENCE BASE
The evidence base should include field studies and scientific papers that are matched to impact outcomes or intervention types and have some level of methodological rigour.
The GIIN methodology relies on the IRIS+ database. This database includes a broad set of resources:
