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Similar process to audit, although because you generally work for more managers / directors throughout the year than you would in audit, they generally have a better picture of your contributions and it is less subjective than audit
You’ll find that in FDD as well. It boils down to how your PML (KPMG) rates you in a series of buckets (I.e. below target, at, exceeds, etc.). There isn’t much transparency outside of whatever your PML relays to you, which may be the full story or a sugar-coated version depending on who you have. No way to really know. The best strategy: work your ass off and make sure every metric & performance review reflects that.