The new process will see two stages of consultation, the first of which will see the Board invite views on where changes will happen and how long it should take to carry out.
The Board said any proposed closure of any home will then require further consultation.
"I set up a regional group which has met regularly over the past few months to ensure we can move forward in the best possible way," Fionnuala McAndrew, who is leading the process, explained.
"During this process it was clear to me that a number of statutory residential care homes have been, or were, going through a process of significant change. I have seen examples of how this has been managed in a way that suits residents, their families and staff and I do not want to stop these changes taking place.
"However there still needs to be clarity about the future role and function of the remaining statutory homes and I intend to start this process in October."
The Director for Social Care and Children said no final decisions have been made but that the Board "firmly believes that our services need to change in line with Transforming Your Care".
She said the changes would "deliver better care for older people, which will enable them to stay at home and remain independent where possible, for as long as possible".
The Transforming Your Care plan has outlined 50% of the state-run homes to close over a five-year period, as the health service focuses on care based at home.
Earlier this year, Northern Ireland's health trusts revealed a number of care homes across NI would go to consultation for closure, potentially affecting hundreds of elderly residents.
It prompted a public outcry and the Health Minister, Edwin Poots, was forced into a U-turn and he ordered the trusts to bring a halt to their shut-up-shop policy.
It is unacceptable that any older person should feel distressed because of proposals for change.
Health Minister Edwin Poots
Commenting on Wednesday, Mr Poots said the views of residents and their families will be central in the consideration of the future role of the homes.
"I have been very clear that their needs, wishes and concerns should be at the core of this process going forward," he said.
"I am assured that this process will ensure just that and the HSC Board will now begin a process of engagement with residents, families and staff. This will be followed by two periods of public consultation."
Mr Poots continued: "The central aim of this process is to improve the quality of care for older people and deliver the best possible outcomes. I want to again send out a clear message to older people that there will be genuine consultation and their views will be heard.
"No one's care will be put in jeopardy. I strongly encourage people to participate in the forthcoming consultations, the first of which will begin later this year."
However many residents fear the homes could still face closure in the long-term under the Transforming Your Care proposals - and for those that survive, there is a fear that they could become part of the private sector.
Patricia McKeown from Unison has called the new consultation a "deception of the very worst kind".
"Since the U-turn by Minister Poots, health chiefs have been working out how to get the closures by avoiding a further public outcry," she claimed.
"Determined residents, relatives and staff will ensure that they do not get their way. Earlier this week Unison hosted social events in Belfast and Derry attended by residents with ages ranging from late 70s to 103 from NHS care homes across Northern Ireland."
She added: "The gobbledegook issued to residents and families today cannot disguise the fact that the Board is intent on closure. We challenge Mr Poots on what he will do now."