IFC and Results Measurement
In addition to the Corporate Scorecard mentioned previously, IFC has several other tools for measuring the results of its development work:
• DOTS. IFC's Development Outcome Tracking System measures the development results of the Corporation's investment and advisory services. Measuring, monitoring, and evaluating IFC's results and those of its clients help assess the effectiveness of the Corporation's operations and improve them. It also helps IFC report on its performance in ways that reinforce public trust and expand its "license to operate." IFC clients thrive, for example, when they go beyond achieving above-market returns for shareholders and have a measurable development impact in their communities. IFC measures results because it benefits clients' businesses and benefits IFC as well.
• IFC Development Goals. The IFC Development Goals (IDGs) are corporate-level development goals that IFC began testing in 2011. They were inspired by the Millennium Development Goals as a way to better integrate IFC's results measurement with strategy. The IDGs are high-level targets for the incremental reach the Corporation aims to achieve through its investments and advisory services. IFC intends to use the IDGs to drive implementation of strategy and influence operational decision making, alongside volume targets.
• JVew evaluation strategy. The new evaluation strategy complements the work of the Independent Evaluation Group (IEG), which reports directly to the Board of Directors and is charged with providing its own assessments and lessons of experience. IEG's evaluations incorporate findings from IFC's own monitoring and evaluations. IFC's evaluation staff works closely with IEG to discuss work programs, share knowledge, and align efforts whenever possible.
• Nonfinancial assurance. IFC commissioned Ernst & Young to provide IFC's management with external assurance and commentary on certain nonfinancial aspects of its 2014 Annual Report, specifically the information on development effectiveness and economic, social, and environmental sustainability. IFC prepared the Annual Report and is solely responsible for its content.
MIGA and Results Measurement
MIGA, like the World Bank and IFC, is subject to periodic reviews by the Independent Evaluation Group, and its results are incorporated into the Corporate Scorecard.
MIGA's Development Effectiveness Indicator System (DEIS) measures and tracks the development impact of projects that the agency insures. Through this system, MIGA measures a common set of indicators across all projects: investment supported, direct employment, training expenditures, locally procured goods, and community investments. It also measures sector-specific indicators. In addition, the DEIS puts into place a process to measure projects' actual development outcomes three years from the time of contract signing. Starting in fiscal year 2014, MIGA began reporting these data for the cohort of active guarantees that it signed in fiscal 2011.
Development Impact Evaluation
Focus on Results
IFC Development Goals
Independent Evaluation Group
MIGA Development Results