that is teatimer (spybot resident)
it offers protection by monitoring your registry for changes. For example, after installing a program or changing a setting, teatimer asks to confirm that you really want to do that. You can read more about teatimer here: http://www.spybot.info/en/faq/index.html
Read all the sections there under "teatimer". :)
If after reading the information provided in the links, and you still do not feel comfortable with teatimer, i suggest disabling it. Simply open spybot, click mode-advanced mode. Choose yes. Then click tools-resident. under resident, uncheck teatimer protection over all systems active. Close spybot and restart, everything should be fine now. :)