1. A system for determining lack of compliance of a transactional entity with one or more predetermined policies by maintaining an historical record of the transactional entity as changes are made to the entity, comprising: a master data extractor for establishing an initial instance of a transactional entity in a monitoring database by extracting a first selected subset of information relating to the transactional entity from a host data source storing data associated with the transactional entity; a monitoring database for storing the first subset of information and version information in a monitoring database as a monitoring entity; a changed data extractor responsive to changed data associated with the transactional entity, for establishing a subsequent instance of the transactional entity in the monitoring database by extracting a second selected subset of information relating to the transactional entity from the host data source and storing the second subset of information and version information in the monitoring database as a second monitoring entity; and a transaction analysis engine for applying predetermined policy rules to the monitoring entities in the monitoring database to determine lack of compliance of the initial and subsequent instances of the transactional entity with one or more predetermined policies that make reference to different versions of a particular transactional entity.