Exclusive reliance on IRIS metrics may not be an ideal choice in some cases, after research and analysis, it must be seen if IRIS metrics work well in combination with custom self developed metrics and other standard metrics available such as CDP, GRI. Secondly, many a time, indicators and metrics are often confused for the change that is being desired.

It is important to assess whether the metrics deployed actually communicate impact or not. In the case of IRIS, the availability of a wide range of metrics may often lead to overlooking ways to assess the impact created or the actual progress of change. However, to think of it, these would not translate into the pitfalls of IRIS as an evaluation framework, rather calls for the need of a thorough assessment and research before choosing metrics, which should anyway be part of the standard practice across impact industry globally.

The evaluation and reporting framework provided by IRIS is backed by thorough research, relies on quality data and evidence while providing efficient and practical guidance on implementation. It supports a standard practice of impact investing and measurement by promoting transparency, accountability and credibility. Click an approach on the left to navigate to it Innovation History A way to jointly develop an agreed narrative of how an innovation was developed, including key contributors and processes, to inform future innovation efforts.

Click an approach on the left to navigate to it Institutional Histories A particular type of case study used to create a narrative of how institutional arrangements have evolved over time and have created and contributed to more effective ways to achieve project or program goals. Click an approach on the left to navigate to it Most Significant Change Approach primarily intended to clarify differences in values among stakeholders by collecting and collectively analysing personal accounts of change.

Click an approach on the left to navigate to it Outcome Harvesting An impact evaluation approach suitable for retrospectively identifying emergent impacts by collecting evidence of what has changed and, then, working backwards, determining whether and how an intervention has contributed to these changes.

Click an approach on the left to navigate to it Participatory Rural Appraisal A participatory approach which enables farmers to analyse their own situation and develop a common perspective on natural resource management and agriculture at village level. Click an approach on the left to navigate to it Qualitative Impact Assessment Protocol QUIP An impact evaluation approach without a control group that uses narrative causal statements elicited directly from intended project beneficiaries.

Click an approach on the left to navigate to it Randomised Controlled Trials RCT An impact evaluation approach that compares results between a randomly assigned control group and experimental group or groups to produce an estimate of the mean net impact of an intervention.

Click an approach on the left to navigate to it Rapid Evaluation A Rapid Evaluation is an approach that uses multiple evaluation methods and techniques to quickly and systematically collect data when time or resources are limited. Many terms are used to describe these approaches, including real time evaluations, rapid feedback evaluation, rapid evaluation methods, rapid-cycle evaluation and rapid appraisal.

The common feature of these different models is the expedited implementation timeframes which generally range from 10 days to 6 months. Realist Evaluation An approach especially to impact evaluation which examines what works for whom in what circumstances through what causal mechanisms, including changes in the reasoning and resources of participants. Click an approach on the left to navigate to it Social Return on Investment SROI An participatory approach to value-for-money evaluation that identifies a broad range of social outcomes, not only the direct outcomes for the intended beneficiaries of an intervention.

Click an approach on the left to navigate to it Success Case Method The Success Case Method SCM involves identifying the most and least successful cases in a program and examining them in detail. This approach was developed by Robert Brinkerhoff to assess the impact of organisational interventions, such as training and coaching, though the use of SCM is not limited to this context.

The Global Impact Investing Network is among the pioneers in the field of impact investing and measurement.

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If the charity does report a diversion, then we check to see if it complied with the Form instructions by describing what happened and its corrective action. This metric will be assigned to one of the following categories: Full Credit: There has been no diversion of assets within the last two years. Partial Credit: There has been a diversion of assets within the last two years and the charity has used Schedule O on the Form to explain: the nature of the diversion, the amount of money or property involved and the corrective action taken to address the matter.

In this situation, we deduct 7 points from the charity's Accountability and Transparency score. No Credit: There has been a diversion of assets within the last two years and the charity's explanation on Schedule O is either non-existent or not sufficient. In this case, we deduct 15 points from the charity's Accountability and Transparency score. More Audited financial statements provide important information about financial accountability and accuracy.

They should be prepared by an independent accountant with oversight from an audit committee. It is not necessary that the audit committee be a separate committee. Often at smaller charities, it falls within the responsibilities of the finance committee or the executive committee. The committee provides an important oversight layer between the management of the organization, which is responsible for the financial information reported, and the independent accountant, who reviews the financials and issues an opinion based on its findings.

We check the charity's Form reporting to see if it meets this criteria. Full Credit: The charity's audited financials were prepared by an independent accountant with an audit oversight committee. Partial Credit: The charity's audited financials were prepared by an independent accountant, but it did not have an audit oversight committee.

In this case, we deduct 7 points from the charity's Accountability and Transparency score. No Credit: The charity did not have its audited financials prepared by an independent accountant. More Making loans to related parties such as key officers, staff, or Board members, is not standard practice in the sector as it may divert the charity's funds away from its charitable mission and can lead to real and perceived conflict-of-interest problems.

This practice is discouraged by sector trade groups which point to the Sarbanes-Oxley Act when they call for charities to refrain from making loans to directors and executives. And the IRS is concerned enough with the practice that it requires charities to disclose on their Form any loans to or from current and former officers, directors, trustees, key employees, and other "disqualified persons. Furthermore, it is problematic because it is an indicator that the organization is not financially secure.

Less Documents Board Meeting Minutes More An official record of the events that take place during a board meeting ensures that a contemporaneous document exists for future reference. Charities are not required to make their Board meeting minutes available to the public.

As such, we are not able to review and critique their minutes. For this performance metric, we are checking to see if the charity reports on its Form that it does keep those minutes. In the future, we will also track and rate whether or not a charity keeps minutes for its committee meetings. Less Distributes to Board Before Filing More Providing copies of the Form to the governing body in advance of filing is considered a best practice, as it allows for thorough review by the individuals charged with overseeing the organization.

The Form asks the charity to disclose whether or not it has followed this best practice. If the charity has not distributed its Form to the board before filing, then we deduct 4 points from its Accountability and Transparency score. Less Compensates Board More The IRS requires that any compensation paid to members of the charity's governing body be listed on the Form Furthermore, all members of the governing body need to be listed whether or not they are compensated.

It is not unusual for some members of the board to have compensation listed. The executive director of the organization frequently has a seat on the board, for instance, and is compensated for being a full time staff member. However, it is rare for a charity to compensate individuals only for serving on its Board of Directors. Although this sort of board compensation is not illegal, it is not considered a best practice. Less Policies Charity Navigator looks to confirm on the Form , or for some metrics on the charity's website, that the organization has these policies in place.

More Such a policy protects the organization, and by extension those it serves, when it is considering entering into a transaction that may benefit the private interest of an officer or director of the organization. Charities are not required to share their conflict of interest policies with the public.

Although we can not evaluate the substance of its policy, we can tell you if the charity has one in place based on the information it reports on its Form If the charity does not have a Conflict of Interest policy, then we deduct 4 points from its Accountability and Transparency score. Less Whistleblower More This policy outlines procedures for handling employee complaints, as well as a confidential way for employees to report any financial mismanagement.

Here we are reporting on the existence of a policy as reported by the charity on its Form Less Records Retention and Destruction More Such a policy establishes guidelines for handling, backing up, archiving and destruction of documents.

These guidelines foster good record keeping procedures that promotes data integrity. If the charity does not have a Records Retention and Destruction Policy, then we deduct 4 points from its Accountability and Transparency score. More This process indicates that the organization has a documented policy that it follows year after year. The policy should indicate that an objective and independent review process of the CEO's compensation has been conducted which includes benchmarking against comparable organizations.

We check to be sure that the charity has reported on its Form its process for determining its CEO pay. Working with the Monitor Institute earlier this year, we heard from more than investors through a combination of in-person interviews, focus groups, and an online survey. However, they also told us that the lack of pragmatic and easy-to-use metrics tools is a hurdle to getting started. Step off the starting block with IRIS IRIS offers a library of around widely used social and environmental metrics, and provides standardized definitions that leverage best practices and expert input.

As a result, IRIS is a meaningful and useful reference point for investors and investees implementing or upgrading their impact measurement practices. Although this gives investors flexibility to incorporate IRIS into different platforms and methodologies, it also means that investors approaching IRIS for the first time may benefit by referencing real-life examples of IRIS use from other investors in the field.

Additionally, we have posted sets of IRIS metrics recommended by field-building groups in specific impact sectors, including sustainable agriculture , microfinance , and small and growing businesses in emerging markets. Over the coming months, IRIS will be publishing additional metrics recommendations from industry associations, including a set for U.

For those who are interested in reading more detail about implementing portfolio management and evaluation practices that leverage IRIS metrics, we are publishing a series of use cases throughout the remainder of this year that document the important lessons from organizations that have successfully improved impact measurement by incorporating IRIS into their systems. By taking a pragmatic approach and meeting the diverse investor community where it is, we hope that the field comes to expect and demand impact measurement practices that include IRIS as a keystone.

As participants continue to enter the market, a growing and persistent practice of impact measurement across the field is central to establishing standardized metrics as the de facto industry norm, which is critical to ensure that the market keeps its commitment to social and environmental impact. The time is now: standards require collective action Impact measurement will become more sophisticated as behaviors change across the investment value chain—from asset owners to mission-driven organizations.

The growth of the impact investing market already has many stakeholders rethinking how they make investment decisions, acquiring new skills and familiarity with non-financial measurement concepts, and applying social and environmental performance data to activities like due diligence and investment management.

But, the data we collect and the processes we build can go only so far if investors are using incompatible impact metrics. IRIS is fast becoming the industry standard for impact metrics, and it is important and urgent for everyone in the field to incorporate IRIS into their social and environmental performance measurement.

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