That’s right. As in the Sacrament of Eucharist, Jesus also instituted the Sacrament of Penance (John 20:23).
The Sacrament of Penance/Reconciliation/Confession is one and the same thing.
Penance is a sacrament of the New Law instituted by Christ in which forgiveness of sins committed after baptism is granted through the priest’s absolution to those who with true sorrow confess their sins and promise to satisfy for the same.
It is called a “sacrament” not simply a function or ceremony, because
it is an outward sign instituted by Christ to impart grace to the soul. *As an outward sign it comprises the actions of the penitent in presenting himself to the priest and accusing himself of his sins, and the actions of the priest in pronouncing absolution and imposing satisfaction. *
This whole procedure is usually called, from one of its parts,
“confession”, and it is said to take place in the
“tribunal of penance”, because it is a judicial process in which the penitent is at once the accuser, the person accused, and the witness, while the priest pronounces judgment and sentence.
The grace conferred is deliverance from the guilt of sin and, in the case of mortal sin, from its eternal punishment; hence
also reconciliation with God, justification. Finally, the confession is made not in the secrecy of the penitent’s heart nor to a layman as friend and advocate, nor to a representative of human authority, but
to a duly ordained priest with requisite jurisdiction and with the “power of the keys”, i.e., the power to forgive sins which Christ granted to His Church.
The Council of Trent (1551) declares:
As a means of regaining grace and justice, penance was at all times necessary for those who had defiled their souls with any mortal sin. . . . Before the coming of Christ, penance was not a sacrament, nor is it since His coming a sacrament for those who are not baptized. But the Lord then principally instituted
the Sacrament of Penance, when, being raised from the dead, he breathed upon His disciples saying:
‘Receive ye the Holy Ghost. Whose sins you shall forgive, they are forgiven them; and whose sins you shall retain, they are retained’ (John 20:22-23). By which action so signal and words so clear the consent of all the Fathers has ever understood that the power of forgiving and retaining sins was communicated to the Apostles and to their lawful successors, for the reconciling of the faithful who have fallen after Baptism. (Sess. XIV, c. i)
newadvent.org/cathen/11618c.htm
Reuben