Environmental impacts of significant investments are being assessed and monitored for many years now. But in recent years, it is widely accepted that the social implications of an infrastructure project, an investment or a new regulation and company decisions should also be assessed, managed, audited and monitored. Social Impact Assessment has become critical in EBRD, or IFC credited projects as well as for the projects of other international lenders. Companies and various other institutions wishing to comply with international standards have begun to analyze their social impacts in detail in the last decade. Social impacts are assessed both for new projects and initiatives including construction works as well as operational activities. It is managed and monitored throughout the full lifecycle, from pre-project approval and impact assessment phases to the implementation phase, even after decommissioning phases.
What is at stake?
Social structure is fragile, and bold interventions to peoples livelihood, habits or culture may create irreversible, long-term, costly impacts. International Institutions are obliging investors to asses the social implications of a project. In addition to lenders, it is quite critical for companies and investors to assess and manage social impacts in order to handle social, reputational and other non-technical risks. Failing to properly manage this risk may be even more costly than technical risk failures.
Together with the experience gained in this area, some standards and tools are also developed. Most widely used standards in this area are performance standards or performance requirements developed by IFC and EBRD. Associated with these standards, these institutions also developed some other sector or area specific guidelines, plan formats, checklists etc. Moreover, there are standards for different areas such as SA8000 for working conditions or guidelines for reporting such as GRI reporting guidelines.
To attract international finance, investment or to collaborate with global corporations, companies, government institutions or investors should comply with these social standards. They should be also able to operate and report in line with the tools and guidelines of these standards. Compliance with social standards provides international reputational benefits for projects and companies.
What do we promise?
StrategyCo. provides social assessment, due-diligence, auditing and monitoring services with its dedicated and experienced consultants. We have worked in IFC, EBRD credited projects and also with companies and projects that are following international social standards voluntarily. We also provide working conditions and labor audit service with our SA8000 certificated auditors.
Our other service is short or long term consultancy for projects and clients in order to increase their compliance with social standards and present sustainable solutions. These include but not limited to, community and stakeholder engagement, information disclosure and grievance/complaint management mechanisms, compensation and livelihood resource restoration works, community/local economy investment projects/programs.
How do we help?
We provide tailor-made services and support to our clients including needs assessment, supply/demand studies, capacity building, and training in addition to regular compliance services.
We can also combine different areas of services based on the needs and requirements of the clients in order to provide sound and sustainable solutions. We hold meetings to understand the needs properly, develop a work plan together with the client and communicate closely during the delivery of the services in order to ensure that objectives are met clearly.