The Social Finance Fund
Resources for organizations participating in the Social Finance Fund
Social finance intermediaries (SFIs) and social purpose organizations (SPOs) who have received investment through the Government of Canada’s Social Finance Fund will need to meet the Fund’s data collection requirements. These requirements include adopting the Common Impact Data Standard.
These resources will help you to adopt the Data Standard and learn about the other Standards that you might find useful.
Resources for SFIs who have received Social Finance Fund investment
Resources for SPOs who have received Social Finance Fund investment
How Common Approach is supporting the Government of Canada’s Social Finance Fund
A strong social finance and social innovation ecosystem must have impact measurement that is relevant, trustworthy, community-driven, inclusive, achievable, and interoperable.
Common Approach is working with Realize Capital Partners on the impact measurement approach of the Government of Canada’s Social Finance Fund. This work is being done in collaboration with stakeholders, including Fonds de finance sociale – CAP Finance and Boann Social Impact.
Common Approach is supporting the development of flexible, shareable impact measurement that is focused on social purpose organizations (SPOs). Centering the needs and priorities of SPOs, and empowering them to develop indicators that align best with their work (no standard indicators here!) will result in better impact measurement data for those funding and investing in this work. This work will be achieved through the implementation of the Common Impact Data Standard and Common Framework.
Common Approach’s Common Impact Data Standard and Common Framework are among several SFF initiatives that support impact measurement and management practices within the social finance market. Learn more about Common Approach’s role within the Government of Canada’s Social Finance Fund here.
🔍 Further reading:
More about the Common Impact Data Standard and Common Framework
What Common Approach is and is not
How to adopt the Common Approach standards
We are happy to be able to share the working materials, including the agendas, consultation notes, presentations and documents, that have arisen from Common Approach’s work with the Wholesalers of the Social Finance Fund.
The Common Impact Data Standard and Common Framework
For the first ten years of the Social Finance Fund, Common Approach will support all participants in implementing the Common Impact Data Standard so it’s easier to measure and share the impact of their work in this program. The Data Standard does not contain fixed indicators, and it does not tell organizations or individuals what data to collect.
The Common Impact Data Standard provides a standardized way to represent impact data and enable the exchange of impact information. The Data Standard is accessible through use of an aligned software. We are working to align software used in the finance ecosystem with the Data Standard. It’s important to note that the Common Approach standards provide guidance on how organizations can gather and share their own stored data. At no point in the usage of any of our Standards does Common Approach collect or hold this data.
The Common Impact Data Standard allows users to build their flexible framework using the principles of the Common Framework. Upon request, Common Approach will be available to assist SFIs and fund managers with aggregating the diverse indicators and impact metrics they receive from their portfolios into themes that matter most to them. The Common Framework can then display the total impact of the investor’s portfolio in tables and visualizations.
If you are an SFI or fund manager interested in learning more about the Common Impact Data Standard, book a meeting with Laurentia Perrin, Lead, Impact Measurement for Portfolio Managers at Common Approach.
The list of softwares aligning with Common Approach is growing!
Keep an eye on the website for new additions to our aligned softwares. We are eager to get software used in the finance ecosystem aligned. If you are already using software you’d like to see align, or are a software developer interested in learning more about how your software can align with the Common Impact Data Standard, please get in touch at info@commonapproach.org.
Transparency
We are committed to being community-driven and transparent. We embrace backseat drivers. So if you are watching what we’re doing and have a unique perspective, please be in touch. We are here to listen.
In this spirit, we will be providing a public record of our working materials, including the agendas, consultation notes, presentations and documents.
Our journey towards supporting the Social Finance Fund
2017
Impact Measurement Task Force recommends a “common approach” to impact measurement and publishes a road map.
2019
Common Approach is chosen by Employment and Social Development Canada’s (ESDC) Investment Readiness Program (IRP) as an ecosystem builder.
2020
Common Approach conducts a one-year consultation with ESDC on impact measurement for the Government of Canada’s Social Finance Fund.
2021
Social Finance Fund includes Common Approach’s recommendation to use a data standard in prospective fund manager’s expression of interest.
2023
The Common Impact Data Standard is selected to support the impact measurement for the Social Finance Fund.
This page was updated on Monday, July 31, 2024 to reflect progress made in the co-creation of the impact measurement process for the Social Finance Fund.
-from the Government of Canada’s Social Finance Fund backgrounder
