Formal reviews follow a six step process: 1) Planning, 2) Kick-off, 3) Preparation where reviewers identify defects individually, 4) Review meeting where defects are logged and discussed, 5) Rework by the author to address defects, and 6) Follow-up by the moderator to ensure defects were addressed. Key roles include the moderator who leads the process, author of the document, reviewers who identify defects, and scribe who logs defects discussed.