How to create multiple year ongoing Performance Review document?

Summary:

We were using Annual Performance Review till this year. Our business has a new requirement to change it to an Ongoing review process. We are trying to research on different documents, and each one seems to have some drawbacks. Could you review below requirement and suggest us what would be a good approach?

Content (required):

- The Performance Review will be an ongoing process. Employee/Manager adds goals at the beginning of year (or any time all through the year). The document will not be evaluated or closed at the end of the year.

- Each quarter, employee and manager should review the document (no rating needed), and tracks the progress. Need to capture comments against each goal.