A method of performing forward error correction with configurable latency, where a configurable latency algorithm evaluates a target Bit Error Rate (BER) against an actual BER and adjusts the size of a configurable buffer such that the target BER may be achieved when utilizing the smallest buffer size possible. When errors are corrected without the utilization of each of the configurable buffer locations, the algorithm reduces the size of the buffer by y buffer locations; the algorithm may continue to successively reduce the size of said buffer until the minimum number of buffer locations are utilized to achieve the target BER. If the buffer locations have been reduced such that the buffer size is too small and the target BER cannot be achieved, the algorithm may increase the size of the buffer until the minimum number of buffer locations are utilized to achieve the target BER.