Yes, that is correct.
'Stand by' is a phrasal verb – one meaning of which is - 'Be ready and waiting for something to happen'.
I found that by clicking on Reference at the top of the page and then Phrasal Verbs.
Please note that a better title would have been 'Standing by'.
Extract from the Posting Guidelines:
'Thread titles should include all or part of the word/phrase being discussed.'
- For Teachers