In a safety-critical industry, requirements tracking is very important. At my current employer, all of our software has to be developed and verified in accordance with DO-178 [0]. We have a dedicated systems engineering team who develop the system requirements from which we, the software development team, develop the software requirements; we have a dedicated software verification team (separate from the development team) who develop and execute the test suite for each project. We use Siemens's Polarion to track the links between requirements, code, and tests, and it's all done under the supervision of an in-house FAA Designated Engineering Representative. Boy is it all tedious, but there's a clear point to it and it catches all the bugs.
[0] https://en.wikipedia.org/wiki/DO-178C