I have been using a spreadsheet that I have been slowly extending over the years for recording and monitoring Issues, Risks, Assumptions, Questions and Decisions. I tend to store this in a central repository and encourage team members to add and update entries. I also encourage the recording of entries to be in terms that somebody in another team (business or technically-oriented) could read and understand. We then review this regularly, particularly with how we are tracking with closing out issues. Below is a link to the template that you are welcome to use and customise as you need.
The template can be downloaded at http://www.scribd.com/doc/32966336/Issues-Risks-Assumptions-Questions-Decisions-template