Outcome And Impact Measurement For Social Impact Investing .
OUTCOMEAND IMPACTMEASUREMENT FORSOCIAL IMPACTINVESTINGCONSULTATION PAPERPREPARED BY URBIS AND FUNDED BYTHE AUSTRALIAN GOVERNMENTDEPARTMENT OF SOCIAL SERVICESAPRIL 2020
URBIS STAFF RESPONSIBLE FOR THIS REPORT WERE:Director:Julian ThomasAssociate Director:Frances McMurtrieSenior Consultant:Christina GriffithsConsultant:Su-Ann LimResearch Assistant:Peter SakisProject Code:P0016296Urbis is supported in its engagement and consultations withAboriginal and Torres Strait Islander enterprises and communities byCox Inall Ridgeway, a majority Aboriginal owned social change agencywith the key aim of improving outcomes for Australia’s IndigenouscommunitiesMore information about our ongoing partnership is available on theUrbis website.Urbis’ Economic and Social Advisory team has received ISO 20252Certification for the provision of Economic and Social Research andEvaluation. Certificate No.: MSR 603559All information supplied to Urbis in order to conduct this research has been treated in thestrictest confidence. It shall only be used in this context and shall not be made available to thirdparties without client authorisation. Confidential information has been stored securely and dataprovided by respondents, as well as their identity, has been treated in the strictest confidenceand all assurance given to respondents have been and shall be fulfilled. Urbis Pty Ltd50 105 256 228This work is licensed under a Creative Commons Attribution 3.0 Australia License.URBIS.COM.AU
CONTENTSINTRODUCTION4CONTEXT AND BACKGROUND 5CONSULTATIONTHEMES9DEFINING PURPOSE AND AUDIENCE10CONNECTING TO IMPACT THEORY11DIFFERENTIATING THE EVALUATION TASK12ENSURING VALUE FOR MONEY13STANDARDISING APPROACHES14LEVERAGING AND LINKING DATA15ASSURING MEASUREMENT QUALITY16SCALING IMPACT MEASUREMENT17THE FUTURE STATE18REFERENCES19MORE INFORMATIONFor more information about thisproject, contact the study team viaOIMScopingStudy@urbis.com.auUrbis acknowledges the important contributionthat Aboriginal and Torres Strait Islanderpeople make in creating a strong and vibrantAustralian society.We acknowledge, in each of our offices. theTraditional Owners on whose land we stand.
INTRODUCTIONSocial impact investing (SII) is gatheringmomentum in Australia and internationally.The Australian Government has made anumber of investments in SII.CONSULTATION THEMESAmong a range of initiatives, this has included: the establishment of the Social ImpactInvesting Taskforce to provide evidenceinformed recommendations to Government on acomprehensive SII strategy. funding the SII Outcome Measurement Initiative,with a specific focus on enhancing outcomeand impact measurement (OIM) practice as acornerstone of SII market growth.Defining purpose and audienceConnecting to impact theoryDifferentiating the evaluation taskUrbis has been commissioned to support theOutcome Measurement Initiative by conducting ascoping study into the current state of OIM practicein Australia, and providing advice to government onpotential strategies to build market capability andcapacity in OIM. Our report is due to the Departmentof Social Services in June 2020.Ensuring value for moneyStandardising approachesLeveraging and linking dataThis consultation paper has been developed as a‘conversation piece’ intended to provide a startingpoint for Urbis’ engagement with the SII sector inAustralia. It contains a brief background and contextfor the study, and sets out nine key themes that willprovide the framework for stakeholder consultations.Assuring measurement qualityScaling impact measurementThose consultations will take place over April andMay 2020 and will engage stakeholders in all Statesand Territories and from a diversity of viewpointswithin the SII ecosystem. In addition to a seriesof virtual roundtables, we’ll be conducting 1-1interviews with key stakeholders and releasing asector survey.The future stateABOUT USUrbis is a multidisciplinary consulting firm with a30 year history of conducting impact measurement,research and evaluation in the Australian socialservices and government sectors. Read more here.This scoping study is led by Julian Thomas, RichardGibbs and Frances McMurtrie. Engagement withAboriginal and Torres Strait Islander enterprises andcommunities will be led by Cox Inall Ridgeway, amajority Aboriginal-owned social change agency.4Julian ThomasRichard GibbsProject Co-Director(view profile)Project Co-Director Project Manager(view profile)(view profile)Outcome and Impact Measurement for Social Impact InvestingFrances McMurtrie
CONTEXT ANDBACKGROUNDTASKFORCE FINDINGS ARE BEINGSHARED WITH URBIS AND WILLINFORM OUR FINAL REPORTAND ADVICE TO GOVERNMENTSocial impact investing (SII) aims to achieve a social objective alongside a financial return - and measurethe achievement of both.i There is growing support for SII as a mechanism for strengthening how oursociety responds to complex social problems.iiIn this context, the Commonwealth Government currently has a number of initiatives underway to support social impactinvesting in Australia.THE OUTCOME AND IMPACT MEASUREMENTSCOPING STUDYIn 2018 the Government committed 6.7 million through theOutcome Measurement Initiative to support the SII sectorbuild its capability to define, measure and communicatetheir outcomes. The Initiative is intended to build thecapacity of the Australian SII sector to measure theiroutcomes in order to attract investment.As part of this work, the Department of Social Services(DSS) has commissioned Urbis to undertake a detailedscoping study to explore: what the current state in outcome and impactmeasurement looks like, what SII sector stakeholders would like the future tolook like, and what the Government can do to help the sectorstrengthen outcome and impact measurementpractices.This scoping study will provide DSS with evidence-basedand market-informed guidance on actionable strategies tostrengthen outcome and impact measurement practices inthe SII sector within the next two years.It is anticipated that over time this will support the SIIsector to improve service delivery through applying findingsfrom outcome measurement, support funders and investorsto understand the outcomes achieved and create a marketenvironment that encourages investment.THE SOCIAL IMPACT INVESTING TASKFORCEIn 2019 the Commonwealth Government committed 5million to establish a SII Taskforce. The Taskforce comprisesan Expert Panel supported by a team in the Department ofthe Prime Minister and Cabinet (PM&C). The Taskforce isdeveloping a strategy for the Commonwealth’s role in theSII market. They currently due to report to Government bymid-2020iii.The Urbis scoping study will integrate with the workbeing undertaken by the Taskforce, which has identifiedgovernment can help “build the market for social impactby supporting the widespread use of accurate methods formeasuring, reporting and evaluating social impact”.ivWhile the views expressed within the Taskforce’s interimreport represent those of the Expert Panel and are notendorsed by government, the final report will considerrecommendations for impact and outcomes measurementframeworks that could be supported by the CommonwealthGovernment over the longer term.The Taskforce has undertaken a range of consultationacross the SII sector, and has also commissioned researchfocused on the potential applications of international OIMframeworks to the Australian context. Taskforce findingsare being shared with Urbis and will inform our final reportand advice to government.This consultation paper informs consultations we areundertaking nationally in April and May 2020, and willprovide the basis for a final report prepared by Urbis in June2020. The conversations we have with the sector will focuson testing and exploring the issues raised in this paper.Prepared by Urbis for the Department of Social Services5
SOCIAL IMPACT INVESTINGAIMS TO ACHIEVE A SOCIALOBJECTIVE ALONGSIDEA FINANCIAL RETURN- AND MEASURE THEACHIEVEMENT OF BOTHWHAT IS IMPACT INVESTING?The Taskforce has adopted a simple definition of social impact investing: “social impact investing (SII) aims to achieve a socialobjective alongside a financial return - and measure the achievement of both”. vMore broadly, social impact investing is the provision of finance to companies, organisations, and funds with the intention togenerate measurable social impact alongside a risk-adjusted financial return. It is a way to channel new capital and resourcesfrom both private and public spheres to initiatives that tackle social challenges. Social impact investing is characterised byfour key elements: intentionality, financial returns, a range of asset classes, and impact measurement.INTENTIONALITYFINANCIAL RETURNSRANGE OF ASSET CLASSESIMPACT MEASUREMENTInvestments thatintentionally contribute tosocial solutionsInvestments that seek afinancial return on capitalthat can range from belowmarket rate to risk-adjustedmarket rateInvestments that can be madeacross asset classesCommitment of the investorto measure and reportthe social performance ofunderlying investmentsSource: Adapted from the Global Impact Investing Network viSocial impact investing can also be understood as existing within a spectrum of investment types which differ dependingon the way in which they focus on financial return and social impact. At one end, non-returnable government grants andphilanthropic contributions are focused on enabling social outcomes with no expectation of financial return; at the other,mainstream investments focus primarily on financial return without targeting or considering social impacts. In between areSII, sustainable investing, and socially responsible investing – and hybrids of these.GRANTS ANDPHILANTHROPYSOCIAL IMPACTINVESTINGSUSTAINABLEINVESTINGIrrevocable giftssuch as governmentgrants or philanthropicdonations with noexpectation of financialreturn.Aims to achievea social objectivealongside a financialreturn – and measurethe achievement ofboth.Seeks out investmentsthat support society(i.e. positive screen).SOCIALLYRESPONSIBLEINVESTINGAvoids investmentsthat harm society(i.e. negative screen).Positive and negativescreens can alsobe combined in aninvestment policy.MAINSTREAMINVESTINGFocuses primarily onfinancial returns withno regard to socialimpactSource: Social Impact Investing Taskforcevii6Outcome and Impact Measurement for Social Impact Investing
OUTCOMES MEASUREMENTFOCUSES ON THE SHORTAND MEDIUM TERMCHANGES ARISING FROMIMPACT ENTERPRISEACTIVITIESIMPACT MEASUREMENTIS FOCUSED ON THELONGER TERM SOCIALCONSEQUENCES OREFFECTS OF IMPACTENTERPRISE ACTIVITYMEASURING OUTCOMES AND IMPACTThe measurement of outcomes and impact is a crucialaspect of SII that is intrinsically connected to intentionalityof impact, and sets impact investments apart from otherforms of investment. Measurement makes results tangibleand investments accountable.However, while financial and risk metrics for investmentare well understood and supported by standardisedframeworks, a common language and set of practices,the diversity and complexity of social outcomes presentspecific challenges for a growing SII sector.Good outcomes measurement enables impact enterprisesto understand the immediate or medium term outcomesof their activities. Impact measurement brings to light thedownstream social changes that these outcomes drive.Both provide data to inform impact management – helpingimpact enterprises deliver beneficial outcomes moreeffectively and efficiently, and enabling impact investors todirect and manage investment toward investment goals.Three key considerations inform OIM design: Attribution: to what extent does the service or productcause or contribute to the change being examined, andwhat is the influence of external factors? Validity: do the (often simplified) indicators adequatelyrepresent the (often complex) social change that isbeing examined? Cost effectiveness: does the value that measurementcreates outweigh the costs and risks of measurement(including those borne by beneficiaries)?Attribution is connected to the intentionality of impactinvestment. In order to intentionally create impact, impactenterprise models will generally have: a theory of change (a model for describing why changehappens), and a theory of action (describing how the impact enterpriseis configured to activate the theory of change).Together, these inform the theory of impact articulatinghow an impact enterprise creates impact – a tangibleexpression of intentionality. Outcomes and impactmeasurement require a working theory of impact to connectwhat is measured (and reported) to the investment intent.Choosing valid measures is similarly important.The ambition for SII is that it provides another “tool in thetoolkit” for addressing complex social issues. The challengelies in the dynamic, complex and multi-faceted natureof some social problems. In addition to the challengesof attribution in this context, outcome and impactmeasurement also relies on the selection of indicatorsthat adequately represent the change being examined.For some types of outcomes or impact, there are readilyrecognisable indicators (e.g. providing secure employmentfor marginalised groups), while in other cases it may beless clear (e.g. strengthening social inclusion for thosesame people).THEORY OF IMPACTINPUTSINPUTSResources invested inthe activityACTIVITIESACTIVITIESThe actions or tasksperformed to supportimpact goalsOUTPUTSOUTPUTSOUTCOMESOUTCOMESThe products ofservices that resultfrom the activitiesundertakenChanges that resultfrom the activity ortaskIMPACTIMPACTOutcomes adjusted toconsider the influenceof social and externalfactorsSource: Impact Measurement Working GroupviiiThe Taskforce’s preliminary report has flagged that strengthening outcome and impact measurement is key to unlocking theSII market. Yet research and consultations undertaken to date also indicate that stakeholders within the SII sector believethat there are significant limitations to current OIM practices in Australia. There is also a strong view that as the sectorgrows, increasing the level of rigour and standardisation within OIM approaches is critical to encourage greater investmentcapital, increase investor certainty and allow government, private and community sectors to better identify impactinvestment opportunities.Prepared by Urbis for the Department of Social Services7
EIGHTY-NINE PER CENT OFIMPACT INVESTORS SAW ALACK OF TRANSPARENCYOF IMPACT PERFORMANCEAS A KEY CHALLENGEFACING THE MARKETTHE ‘STATE OF PLAY’The Global Impact Investing Network (GIIN) recently released its second comprehensive survey of the state of impactmeasurement and management across the global impact investing industry.The survey sought information about how impact investors were understanding and measuring impacts and what progresswas being made across the impact investing sector. The results confirmed that impact investors are active in seeking tomeasure their impact, continue to pursue a broad span of impact objectives, and that impact measurement practices continueto grow in significance and sophistication. ixWhile impact investors are increasingly demanding better insight into the impact performance of their investments,challenges regarding the quality of data and transparency of impact performance remain. Eighty-nine per cent of impactinvestors saw a lack of transparency of impact performance as a key challenge facing the market. Ninety-two per centreferenced challenges in collecting quality data and 74 per cent in aggregating, analysing, or interpreting data. xIn Australia, there is limited data on OIM practices, although the recent consultations undertaken by the Taskforce affirmthat in Australia, as internationally, there is a diversity of practices and relatively little standardisation. xi In Australia, theTaskforce’s recent consultations highlighted that stakeholder groups perceived particular challenges: xii Lack of standardised outcomes measurement. Stakeholders indicated that the absence of standardised practices andthe lack of consensus on appropriate frameworks, tools and metrics is hampering the SII market. Limitations of quantitative data. Stakeholders observed an emphasis on quantitative data within conversations aboutimpact measurement, and that quantitative forms of data do not tell the full story of impact. Stakeholders observed thatqualitative data and insight was needed to balance limitations of quantitative data. Burden on impact enterprises. Stakeholders described the significant investment of effort required to implementdata collection processes in support of outcome or impact measurement, and that it was important to weigh the cost ofmeasurement against the value created. Inappropriate data collection mechanisms. Stakeholders highlighted the risks that some measurement approachesresult in perverse incentives (particularly in the context of payment for outcomes arrangements). Similarly, stakeholdersalso noted risks associated with making assessments of impact performance when there are significant limitations ofdata quality or an absence of nuance. Limited alternative frameworks. Aboriginal and Torres Strait Islander impact enterprises observed that there are nouniversal measurement frameworks specifically for Indigenous communities, but that it was important to contextualisemeasurement approaches to local communities and their understanding and valuing of outcomes. Stakeholders alsoargued that ideally, development of outcome and impact measures should be informed by people with lived experience.There was a consensus across all stakeholders that the lack of transparent, consistent, and accessible data, particularly –but not exclusively – government datasets) was inhibiting OIM practice in the market.OIM RESOURCES AND TOOLSThere is a significant array of OIM resources already available. These resources comprise of various guidelines, frameworks,standards, tools and rating systems. Organisations generally choose OIM methodologies based on the specific requirementsof the organisation. There is currently no standard method for measuring and reporting on social value and impact, however,there are several global initiatives and projects underway which are endeavouring to bring together industry experts, impactinvestors, and standard setters to collaborate and increase consistency across OIM.8Outcome and Impact Measurement for Social Impact Investing
CONSULTATIONTHEMESOur consultation with the sector will explore a range of themes and questions, summarised below anddetailed in the pages following. Some conversations may focus on just a few themes, while others may bemore expansive.Our approach is flexible, depending on the interests, knowledge and perspectives of those we’re consulting with.All consultations will address the final theme – the future state.THEMEKEY QUESTIONSDefining purposeand audience What are the different audiences for outcome and impact measurement information?What roles do outcomes and impact data play in the SII ecosystem?What are the implications of these audiences and uses for OIM in the sector?Connecting toimpact theory How well integrated is impact theory into investment and business models?How consistently are impact theory approaches informing OIM activity?What capability or gaps exists in terms of the development of impact theory?Differentiating theevaluation task How do we differentiate OIM for proven and innovative or novel impact models?How do we delineate the measurement and evaluative tasks within the sector?What capability or gaps exists in the measurement or evaluative tasks within the sector?Ensuring valuefor money Where do the main costs arise for OIM?When are trade-offs made between ‘good enough’ approaches and ‘best practice’?What strategies might help optimise value for money OIM practices within the sector?Standardisingapproaches What standards, guidelines and frameworks hold the most promise for application inAustralia?Is an Austr
philanthropic contributions are focused on enabling social outcomes with no expectation of financial return; at the other, mainstream investments focus primarily on financial return without targeting or considering social impacts. In between are SII, sustainable investing, and socially responsible investing – and hybrids of these.
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