There are a number of schemes that have been developed over the years to describe the dynamics of the reduced density matrix. The problem that you encounter is that you have to make a choice between computability versus generality.
Let me make an overview of some of the approaches you can find. We typically think of system consisting of a some particle in contact with a heat bath (a reservoir). Starting with the <PERSON> equation $$ \frac{d W}{dt} = -i[H,W(t)] \equiv \mathcal{L}(t)W(t)$$ where $W(t)$ is the density matrix of the full system, $H$ the full Hamiltonian and $\mathcal{L}(t)$ the <PERSON> operator.
The reduced density matrix is obtained by projecting to the relevant subspace,
$$\rho(t) = PW(t)$$ where $P^2=1$ is a projection operator. This operator takes the partial trace of $W$, as is standard with reduced density matrices, and the reduced density matrix is still an operator on the total Hilbert space.
We now substitute $W(t) = \rho(t) + (1-P)W(t)$ in the <PERSON> equation, and project with $P$ and $(1-P)$ from the left. This gives two coupled equations of motion, one for $\rho$ and one for $(1-P)W$. Solving formally for $(1-P)W$ and substituting this back into $\dot{\rho}$ gives the <PERSON>-Zwanzig equation,
$$\dot{\rho}(t) = P\mathcal{L}\rho(t) + \int_0^t dt'P\mathcal{L}e^{(1-P)\mathcal{L}t'}(1-P)\mathcal{L}\rho(t-t') + P\mathcal{L} e^{(1-P)\mathcal{L}t}(1-P)W(0) $$
It is a mixed integral and differential equation (integro-differential). It shows that the time evolution of the reduced density matrix not only depends on the state of $\rho$ at time $t$, but also on the history of the system leading up to that time, including the initial entanglement between the subsystem and the reservoir. 526
This retarded effect comes in through the second term, the integral. It has a natural interpretation: in the strictest sense you have to keep track of what the external reservoir is doing if you want to describe the dynamics of the subsystem. This "information" has to be stored somewhere, hence the integral over some memory kernel.
Simplifications have to be made. The most straightforward one disregards the initial term $W(0)$ (such that you do not worry about the initial conditions, which definitely does not apply to all systems) and assumes a Markovian time evolution, i.e. where the time evolution only depends on the state at time $t$. This leads to the Born-Markov approximation, which is an example of a <PERSON> equation.
The <PERSON> equation assumes some features like positivity of the density matrix at all times, trace preserving and no external time dependence. But do note that it is not unitary (which is ok!). Assuming the Hamiltonian can be written as $H=H_S+ H_R + H_I$ (subsystem, reservoir and interaction) we can write down
$$\dot{\rho}(t) = -i[H_s,\rho] +\frac{1}{2} \sum_j \left\lbrace -\frac{1}{2}\hat{V}_n^\dagger \hat{V}_n\rho(t) - \frac{1}{2}\rho \hat{V}_n^\dagger\hat{V}_n + \hat{V}_n\rho \hat{V}_n^\dagger\right\rbrace $$
Here the sum runs over a specific basis of the subsystem, and the operator $\hat{V}$ describes all the effective dynamics of the subsystem due to coupling with the reservoir. This is probably the best known equation of motion for the reduced density matrix, although it is not as general as the NZ-equation (which is not really useful though).
To give some insight to this equation: the last term represents quantum jumps or (quantum) fluctuations between states of the subsystem - transitions between states of the subsystem due to the external reservoir. 526