Posted 29th August 2024
By Natasha Jolob, Member Services Director, SVUK
Introduction
The landscape of sustainability standards can be complex, with a myriad of frameworks and guidelines available. It’s often challenging to know which path to follow. At Social Value UK (SVUK), we understand this challenge and can help you navigate it. This blog explains where we fit into the broader landscape, what we offer, and how our services can benefit you.
Social Value UK and Our Role in Sustainability Standards
Social Value UK is a Joint Member Network of Social Value International (SVI), the Global Network for Social Value and Impact Management. SVI brings together practitioners, organisations and changemakers from around the world with a shared mission to change the way the world accounts for value.
This shared mission is guided by the Principles of Social Value, which enable any organisation, regardless of size or sector to understand and report on their social impacts. Following the Principles gives organisations the understanding they need to create as much social impact as possible with the resources available.
The Principles are:
- Principle 1: Involve Stakeholders – Inform what gets measured and how this is measured and valued in an account of social value by involving stakeholders.
- Principle 2: Understand What Changes – Articulate how change is created and evaluate this through evidence gathered, recognising positive and negative changes as well as those that are intended and unintended.
- Principle 3: Value the Things That Matter – Making decisions about allocating resources between different options needs to recognise the values of stakeholders. Value refers to the relative importance of different outcomes. It is informed by stakeholders’ preferences.
- Principle 4: Only Include What Is Material – Establish the boundaries of what information and evidence must be included in an account of value to give a true and fair picture, and one that is based on the evidence from stakeholders so decisions taken focus on the changes that matter.
- Principle 5: Do Not Overclaim – Only claim the value that activities are responsible for creating.
- Principle 6: Be Transparent – Demonstrate the basis on which the analysis may be considered accurate and honest, and show that it will be reported to and discussed with stakeholders.
- Principle 7: Verify the Result – Ensure appropriate verification of results in line with the decisions being supported. In cases where results are being reported to external audiences and/or are supporting significant decisions, independent assurance is required.
- Principle 8: Be Responsive – Pursue optimum Social Value based on decision making that is timely and supported by appropriate accounting and reporting.
As a global standard setter, SVI helps ensure consistency in social value reporting and assurance which is in line with the Principles. SVUK delivers Report Assurance services and offers a Professional Development Pathway on behalf of SVI as well as an organisational quality assurance service (Social Value Management Certificate). To better understand where SVI and SVUK’s quality assurance services fit into the sustainability standards landscape, see this visual guide (courtesy of SVI):
Our Quality Assurance Services
1 Report Assurance
One of the key Principles of Social Value is Principle 7 – Verify the Result. This Principle underscores the importance of independent assurance when reporting results to external audiences or making significant decisions.
What is Report Assurance?
Report assurance is an independent review of a Social Return on Investment (SROI) or Social Impact report by qualified assessors. The goal is to ensure that the report demonstrates a solid understanding of the Principles of Social Value and practices.
Assurance is principles-based, meaning it focuses on adherence to the Principles rather than verifying stakeholder engagement, data, or calculations.
The Purpose of Assurance
- Prove: Demonstrate that your practice meets the international standard for accounting for social value.
- Improve: Enhance your practice through feedback and support from the assessor and the SVI team.
Why is Report Assurance Important?
Independent assurance is essential in cases where:
- Results are reported to external stakeholders.
- Significant decisions that impact people and planet are made based on the reported data.
Who is Report Assurance For?
- Practitioners on a professional pathway seeking individual accreditation (as part of Level 2 and Level 3 applications).
- Organisations looking for external verification of their impact reporting.
Report Assurance Criteria
- Assessment Against the 7 Principles of Social Value: The standard will soon include Principle 8.
- Assurance Standard and Feedback: Provided in a checklist format for both the applicant and assessor.
- Implementation Time: Based on the assessor’s judgments, it’s crucial to engage in feedback discussions.
How to Apply for Report Assurance
The application process can be found here:
2 Social Value Management Certificate
Social Value UK also offers a Social Value Management Certificate with three levels of achievement:
- Level One: Commit: Achieved by committing to managing social value in alignment with the SVI Framework and Social Value Principles.
- Level Two: Implement: Achieved by implementing social value management practices.
- Level Three: Manage: Achieved through continuous practice leading to decision-making changes aimed at maximizing social value.
The application process is straightforward – and involves the completion of an evidence form, submission of supporting documents and improvement planning which can be implemented within a three-month amendment period. See here for more information: https://socialvalueuk.org/social-value-management-certificate/
3 Individual Accreditation
In addition, by being part of the SVI global network we offer a professional development pathway and CPD qualification that accredits social value practitioners. There are currently three levels of Accreditation that involve the following:
- An exam
- Successful completion of an accredited training programme
- Submission of an overview Statement of Interest and Commitment to Social Value, Impact Management and Social Impact Assessment or SROI
- Writing a Social Value Report
- An interview with the Assurance Team
See here for more information: https://socialvalueuk.org/practitioner-status-pathway/
Social Value UK also offers other quality assurance support services to help you along the way:
- Report Review Service: Submit any report to Social Value UK for feedback on applying Social Value Principles and identifying areas for improvement.
- Pre-Report Assurance Outcomes Check: This optional service critiques the practice undertaken to define your analysis outcomes.
- Tailored Support: We offer tailored support and workshops for members and non-members, using SVI-qualified practitioners and impact management experts.
- Peer Support: As an SVI member, you’re encouraged to gain support from other members through regional meetings, webinars, and the online community.
Conclusion
Navigating sustainability standards can be daunting, but by accessing Social Value UK’s quality assurance services, you will meet international standards and be on the right track to continuously improve your practice. Whether you’re a practitioner seeking accreditation or an organisation looking for verification, we are here to support you every step of the way.