Standard on applying Principle 8: Be Responsive
Pursue optimum Social Value based on decision making that is timely and supported by appropriate accounting and reporting.
The eighth Principle of Social Value ‘Be Responsive’ is a management principle, formally introduced by SVI (in 2021) to an already established set of Social Value accounting principles. This principle represents the imperative for organisations to respond to impact measurement or ‘Social Value accounts’ with action. Users of this Standard will create a structured ‘impact management approach’ that can guide decision making at strategic, tactical, and operational levels to optimise impacts on wellbeing.
This document comprises four sections: section one provides a short overview of the Principles of Social Value and the SVI Standards; section two introduces the eighth Principle ‘Be Responsive’ in more detail and section three sets out the SVI Standard for applying it. Section four provides short guidance on how to meet the SVI Standard. Appendices provide further reading and the SVI Technical Glossary of Key Terms.
This Standard, read in conjunction with the other SVI Standards can enable you to optimise impacts on wellbeing for all materially affected stakeholder groups. This will help you achieve your goals and contribute to a more sustainable and equitable world.