FPSB’s Standards-Setting Process
Process for setting the standards
FPSB’s standards-setting process gathers input and feedback from stakeholders likely to be affected by the standards to ensure FPSB’s global standards are rigorous, relevant, set at an appropriate level and can be adapted for use in territories around the world. FPSB’s standards-setting process is as follows:
- Identify the need for a professional standard
Through consultation or in response to stakeholders, FPSB’s Professional Standards Committee determines if a revised or new standard is required. FPSB’s Board reviews and authorizes this recommendation.
- Form an expert working group
The committee forms a working group of subject-matter experts who collectively represent stakeholder interest in a revised or new standard.
- Draft the professional standard
The working group reviews the need for, and impact of, a new or updated standard, defines the scope and purpose of the standard and prepares a draft consultation.
- Release the draft standard for stakeholder input
FPSB releases the draft standard for stakeholder input, usually for a period of 30-60 days, depending on the nature and complexity of the draft standard.
- Prepare a final draft standard
Stakeholder feedback is collected and the working group modifies the draft standard as appropriate.
- Release the final draft standard for public comment
Following FPSB Board approval of the final draft standard, FPSB releases it for public comment, usually for a period of 30 days.
- Approve the professional standard
Final comments are reviewed and the Professional Standards Committee re-drafts the professional standard as needed and recommends the FPSB Board approve the professional standard.