Transparency International UK’s report Integrity Investing with Integrity: The Benefits and Challenges of Integrating High Business Integrity Standards in Impact Investments (published in 2022), which explores the realities of managing corruption risk in impact investing in emerging and frontier markets, found weakness in how impact investors typically manage business integrity risk post-investment, including inconsistent approaches and a lack of systematic monitoring of risk and follow-up with investees.

Our guide Investing With Integrity III: A Guide to Managing Business Integrity Risk in Impact Investing (published October 2025) provides critical, practical guidance to address this gap and help investors to take a proactive stance to monitoring business integrity risk during the investment lifecycle. 

To help investors to monitor investees' approach to business integrity, the guide includes a business integrity monitoring framework comprising 28 high-priority indicators of risk and risk mitigation controls across 10 key components of a business integrity risk management system. 

This business integrity monitoring framework promotes the collection of both quantitative and qualitative data, reflecting the need for nuanced data insights to understand investee performance and capacity. It is designed to be adaptable, allowing investors to elicit the minimum information required and to tailor follow-up data requests and dialogue to discuss red flags/indicators of risk.

You can download an Excel version of the business integrity monitoring framework at a link at the bottom of this page.

This guide also supports investors to build a collaborative relationship with investees which enables both parties to learn from each other through active, ongoing support that helps to build business integrity capacity and facilitates the reporting process.

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Further reading