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your national org should have lots of information for you! in our operations manual, there is a whole section dedicated to standards, plus the standards chair has a whole manual too. it really dictates who can be on it, how they can be brought up, what they can be brought up for and a really lacking section on repurcussions (it's always hard to think of things and i don't think there is a real list b/c it will depend on the chapter, the member and i don't think IH doesn't want chapters to think the list would be definitive, but JMO).
basics: women can be brought for anything violating our policies and for being unsisterly (ie: it doesn't say in our rules i shouldn't date my big's ex-bf of 3 days, so i thought it was OK or i just thought everyone should know that sister sue is pregnant and is having trouble with the baby's father). anything that is illegal in the eyes of the law are brought to an exec board hearing (much more serious).
repurcussions (i don't call it punishment b/c i see it as a repurcussion...do what you want, but know that there are always consquences) can range from community service, apologizing to a sister, doing a presentation on something, police ride-alongs (we don't so this, but others do. you need to talk to the local police ahead of time to make sure it is ok before assigning it), etc. it's hard to think of them and i always try to make it something beneficial to the sister involved....not just pay or fine or do something similar to make up for it.
i don't want to touch on the composition b/c i assume that will be outlined by your org, as well as the how to be brought up part. just be sure to educate the chapter on how it is supposed to work and not just the standards board. if it doesn't specify that alum is to be on the board, check to see if one can be the advisor to the standards chair and act as an ex-officio member (there, helping to guide and keep things in perspective, but doesn't vote)
good luck! a functioning standards board can do great things for the org if worked well!
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