Non--decoupling, triviality and the $\rho$ parameter

The dependence of the $\rho$ parameter on the mass of the Higgs scalar and the top quark is computed non--perturbatively using the $1/N_F$ expansion in the standard model. We find an explicit expression for the $\rho$ parameter that requires the presence of a physical cutoff. This should come as no surprise since the theory is presumably trivial. By taking this cutoff into account, we find that the $\rho$ parameter can take values only within a limited range and has finite ambiguities that are suppressed by inverse powers of the cutoff scale, the so called ``scaling--violations". We find that large deviations from the perturbative results are possible, but only when the cutoff effects are also large.