The judgement processes underpinning examination marking are central to achieving fair assessment but are under-researched. This article draws on existing literature and uses additional analysis of data collected in a previous article "Exploring the nature of examiner thinking during the process of examination marking", to start to piece together the puzzle of the judgement processes involved in marking. In that study six experienced examiners were asked to "think aloud" whilst marking a number of scripts from each of two geography examinations and the resulting "verbal protocols" were analysed. The analysis identified and discussed the nature of examiner behaviours and reactions in relation to a number of themes: reading and comprehension behaviours; social, emotional and personal reactions; and evaluative behaviours. Drawing on these findings and by conducting further qualitative analyses of the sequences of behaviours, the article develops a tentative five-phase model of the marking process and uses this to evaluate and link relevant theories from psychology. Thus, the paper builds on existing understandings of judgements in assessment to further our comprehension of the cognitive processes involved in exam marking. The findings may inform marker training and decisions regarding changes to assessment systems. (Contains 2 tables and 2 notes.)