(a)  At least once each calendar year the parole board shall adopt standards to be utilized by the board in evaluating applications for parole of persons convicted of a criminal offense and sentenced to the adult correctional institutions. These standards shall establish, with the range of parole eligibility set by statute, the portion of a sentence which should be served depending on the likelihood of recidivism as determined by a risk assessment, and shall serve as guidelines for the board in making individual parole determinations.

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(b)  The board shall consider the applicable standard prior to rendering a decision on a parole application, and may make a determination at variance with that standard only upon a finding that the determination is warranted by individualized factors, such as the character, criminal history, and attitudes of the applicant that bear on the likelihood to reoffend, the conduct of the applicant while incarcerated, including meaningful participation in a risk-reducing program and substantial compliance with the rules of the institution, and risk-reducing behavior and the criteria set forth in § 13-8-14. “Risk-reducing program” means a program that adheres to those elements that are shown in research to reduce recidivism.

(c)  In each case where the board grants an application prior to the time set by the applicable standard or denies an application on or after the time set by that standard, the board shall set forth in writing the rationale for its determination.