Technically it could be either. It really depends how convoluted your checklists are.
For me I'd always have a form for the end user to fill out, it doesn't look half as scary as a SharePoint list OOTB dialogue box to fill out and the can have some intelligence built into it - i.e.
1. Where are you based?
2. Are you leaving or joining?
Then you can design both checklist on one form and only show the questions/checks that are required based on the 2 qualifying questions (this would make it easier for you to maintain too).
The form in its entirety gets saved into a SharePoint form library. You can publish and show specific data to the library and create views so that 'management' to see and monitor etc.