Allen & Overy (A&O) has launched an online tool to help banks and hedge funds track and respond to the global wide push for reform of senior financiers' compensation structures.

The product – dubbed FIG Global Compensation Tracker – is designed to allow financial institutions to keep up with the stream of national regulatory developments as watchdogs move to clamp down on pay packages that incentivise excessive risk-taking.

The site, which was launched earlier this month (16 November), is being updated by an international team of lawyers who specialise in employment and benefits as well as financial regulation. The team is led by City employment and benefits partner Sylvie Watts, who has spearheaded the development of the site.

She commented: "The firm has a very large client base in financial institutions both in the UK and internationally. The changes in regulation on remuneration have been significant in light of the global financial crisis and the idea for the online platform came about as I spoke to clients about six months ago, finding that they struggle to keep on top of new information in this area."

The A&O site currently covers regulatory updates on financial institution compensation structures in the UK, China, France, Germany, Hong Kong, Singapore the US, and will remain online while the topic remains relevant – with Watts estimating that this will be for at least 18 months.

The site provides detailed information on current compensation reforms in Europe, Asia and the US, in depth analysis, real time updates on new developments and external links to related information.

The issue of compensation structures has shot up the international policy agenda since the banking crisis two years ago, with many arguing that bonus polices at banks and hedge funds encouraged short-termism and lax risk controls.

The news comes after A&O recently made a push to widen its online presence with the firm this year launching a dedicated iPhone application with a global directory of its lawyers and services.