What is good about process is that while in many cases it's not required its good at rounding up the edge cases. It assures fairness in opportunity.
This is so not true. I've worked for giant companies most of my career. They all have "processes". Those performance review processes have been universally terrible at actually rewarding performance. In one of those companies, I'd swear there was zero correlation between my performance and my raise/compensation/incentive/whatever. You know what actually did make a difference? Having a good manager.
It's a time when a manager can tell you that if you want a certain new job what you need to change to get it.
If you need a formalized time once a year for your manager to tell you how you're doing, you don't need a process, you need a better manager.