The business regimen of compliance — monitoring an organisation's adherence to established standards and best practice — is just like an aspirin. No one thinks much about aspirin until they have a headache, and much the same applies to compliance. Until something goes wrong, the only people who give compliance much thought are the people working in that environment.

When a problem occurs, however, everyone turns to the compliance department and asks: What went wrong? Among compliance professionals, this habit even has a name: the pointed finger.

Bermuda is home to a healthy compliance sector. Since the discipline first began to attract attention about 10 years ago, the need to protect companies against such practices as money laundering and Bermuda against the financing of terrorism has been placed squarely on its compliance corps. Its members will gather at the Southampton Fairmont Princess today and tomorrow for Compliance Summit II.

To the Island's compliance officers, in effect, is subcontracted the nuts and bolts business of protecting Bermuda's reputation, its main selling point in a world increasingly sceptical of what smaller jurisdictions have to offer. Compliance is a relatively new corporate discipline that ostensibly aims to fight money laundering and terrorist financing, but is also responsible for ensuring a high degree of corporate governance and integrity.

The biennial Summit, put on by the Association of Bermuda Compliance Officers (ABCO) will be opened on Monday by Kim Wilson, Attorney-General and Minister of Justice. She will be followed onto the podium by an array of those for whom compliance is a critical element of business — and even a man whose life's work was once to defeat compliance regimes.

Following Ms Wilson's remarks, Matthew Elderfield, the CEO, and Tom Galloway of the Bermuda Monetary Authority (BMA) will discuss the work of the Authority and its goals, and review recent legislation. David Parody, the COO of the Gibraltar Financial Services Commission, will talk about the key components of a risk-based compliance system. The Monday morning programme will be rounded out by simultaneous sessions that will address compliance review and transaction monitoring.

Topics for the afternoon sessions will include developing a plan to address identified risks, anti-corruption compliance for insurance intermediaries, and what happens if something goes wrong.

The final session of the day will be a "town hall" meeting to discuss the America-Bermuda relationship in financial services, which will be of particular interest to local delegates, in light of the many pieces of legislation piling up in the US Congress, apparently aimed at curbing Bermuda's operational advantages.

Cocktails and dinner will round out the first day of the conference.

On the Tuesday, Brad Kading of the Association of Bermuda Insurers and Reinsurers will address tax information exchange agreements and the Stop Tax Haven Abuse Bill that the US Congress is being asked to enact. Mr. Kading will give his views on why Bermuda finds itself under pressure from the US Administration and Congress and what must be done to counteract it.

Simultaneous mid-morning sessions will look at prospective compliance challenges in the legal and accounting industries and effective compliance for downstream intermediaries such as insurers, hedge funds and securities dealers. The two final sessions will address combating the financing of terrorism and encouraging international cooperation among regulated entities. Former BMA CEO Cheryl Lister will be the lunch-time speaker, discussing what lies ahead for Bermuda and its regulated sector.

Tuesday afternoon sees a session on the Island's Financial Intelligence Agency and a panel discussion on compliance cases and hands-on experience. The panel will distil the key points from the day's presentations and discuss them with the participation of delegates.

Early that evening, the Summit will hear from a reformed enemy of the compliance brigade, Ken Rijock of World Check. Following the successful online publication of his former life as a money launderer, Ken will expose delegates to "Tales from the Dark Side".

Spaces are still available at the Summit. Full details are on ABCO's website at www.abco.com