This workshop presents an update on the work performed by Accellera’s Functional Safety Working Group over the past year and gives a preview of the white paper the group is planning to publish in 2022. The presentation first introduces the formalization of the Failure modes, effects, and diagnostic analysis (FMEDA) process and how it has led to the initial high-level definition of the data model, which will be the basis for the emerging functional safety standard. The workshop will then provide detail on the data model and describe the necessary attributes to perform an FMEDA, followed by a description of some of the methodology discussions that are captured or assumed in the data model. The workshop will also explore some directions connected to the development of the Functional Safety data format standard that the working group has identified and that will form the basis for the next steps for the working group.