Review events are used as part of performance reviews.
Each Company Code requires a minimum of one active Review Event for Performance Management. Each code must be unique. For a multi-company system, you may want to include unique letters or numbers pertaining to the group, job title, or department to be reviewed in the Code.
In most systems that have the Performance Management module, a separate Performance role can open this screen through the following navigation:
Performance (menu)> Review Setup > Review Events