CB:PSB Standards Setting Process

Supported by the PSC, the CB:PSB adopts the following approach (steps) to standard setting:

1  The Board, in consultation with the PSC, defines the area(s) in which a standard is required.
2  The PSC, supported by the Professional Standards Team, develops an initial, draft standard, utilising appropriate industry expertise.
3  The Board approves the initial, draft standard for consultation.
4  The PSC and the Professional Standards Team consult with CB:PSB firms and other stakeholders e.g. the CB:PSB Stakeholder Forum.
5  Stakeholders provide feedback, presented by the Professional Standards Team, to the PSC on the draft standard.
6  The PSC, supported by the Professional Standards Team, re-drafts the standard based on industry and stakeholder feedback.
7  The Board approves the standard, or proposes further consultation.
8  The final standard is published and promoted by the CB:PSB.

In most cases, it takes approximately 12 months for the CB:PSB to develop, publicly consult and publish a standard. Standards will be reviewed by the CB:PSB every 3 years to ensure that they remain fit for purpose.