Based on our experiences, when managing requirements, you should always keep the following best practices in mind:

• A business transformation initiative is not a destination; rather, it is a journey that must constantly evolve. Hence, you must always keep the requirements up to date. This includes key decisions that are made in a process/requirement. They should be easily available in the RTM.
• Always capture the requirements in a SMART format. They should not have abstract details.

• Never assume any requirement; always get it validated. Validation is the best when it's documented and signed off.
• Requirements change over time and how you handle such changes decides the fate of the project. Scope management and change requests should be the key levers for a project manager/CRP lead.
• Requirement collection and documentation is a zero-sum game; both parties (on the business and solution sides) should participate well and the RTM should be a living document that is easily accessible, simple to understand, and can be leveraged throughout the lifespan of the project.