Promoting Inclusive Markets and Financial Systems
Microfinance Reporting Standards Initiative: Standards-Setting and Adoption process
by Financial Services Working Group in 2009
The Microfinance Reporting Standards Initiative places high value on transparency and public inclusion and seeks common ground for standards setting. The objective of the process is to find the highest level of agreement of value for the most people and institutions world-wide. Review from all stakeholder groups and input from topic experts ensure technical integrity, promote brand recognition, build trust and greater participation and adoption, and facilitate continued investment.
The standards-setting and -adoption process is actively managed by a centralized administration, called the Secretariat. The Secretariat leads communications, marketing, gathering input and feedback, and the coordination of working groups, stakeholder representatives and topic experts.
The procedures are reviewed regularly and updated as needed. At a minimum, the reporting standard-setting process is officially reviewed and evaluated on an annual basis through stakeholder feedback, assessing challenges in adoption or compliance, and evaluation of the sector’s changing information needs. This annual evaluation culminates approximately in November of each year.