It is so important to set up your strategy, your talent selection tools and criteria, and your talent benchstrength processes effectively the first time, rather than having to backtrack and correct issues that come up. So my best advice is to spend time learning about and planning a talent review-succession strategy before implementing.
And it is also an excellent idea to implement as a pilot program in one functional area or one department first, to allow you to make some adjustments before launching more company-wide.
And finally--be sure to create a talent benchstrength strategy that is tied to your specific business needs. A talent benchstrength strategy is not "names on a list" - it might be a Key Expert program if you need to retain top scientists or engineers. It might be developing a talent pool for mid-level general manager positions, because that is where you are spending the most recruitment dollars. It might be executive succession planning because that is where your most significant retirement issues are found. Be sure to gather baseline talent data first, then implement an effective strategy and project plan, and then measuring and communicating the results after implementation.