; waiver Section 496 ( 20 U.S.C. 1099b ) is further amended— (1) by striking subsections (p) and (q); and (2) by adding at the end the following: (p) Risk-Based or differentiated review processes or procedures (1) In general Notwithstanding any other provision of law (including subsection (a)(4)(A)), an accrediting agency or association shall establish risk-based processes or procedures for assessing compliance with the accrediting agency or association’s standards (including policies related to substantive change and award of accreditation statuses) under which the agency or association— (A) creates a system for designating each institution of higher education and program of study that the agency or association evaluates, such as through using peer benchmarking to understand an institution’s or program of study’s performance in comparison with its peers (which may include past performance with respect to meeting the accrediting agency or association’s standards, including the standards relating to the student achievement outcomes described in subclauses (I) through (IV) of subsection (a)(5)(A)); (B) requires for each institution and program of study designated as high-risk, in accordance with the accrediting agency or association’s system in subparagraph (A), to submit the annual plans described in subsection (c)(2)(B) to the agency or association that address the performance issues of such institution or program of study that resulted in such designation; (C) with respect to institutions or program of study meeting or exceeding performance as described in subparagraph (A), reduces any compliance requirements with the standards of accreditation of the agency that are not assessing an institution or program of study under subsection (a)(5), such as on-site inspections