Effcon (Effective-Control)

Effcon (Effective-Control) is a software solution offered by MONAROV & Co. Consulting that aims to enable organizations to maintain an automated, continuous, and independent control system. According to the vendor, Effcon is designed to identify control weaknesses, fraud, and irregularities, reducing operational risks and assessing the effectiveness of internal control. This tool is intended for use by risk management professionals, internal auditors, compliance officers, information system managers, and attorneys across various industries.

Key Features

Accuracy: According to the vendor, Effcon brings relevant deviances to the surface without the need for further filtration, providing what is claimed to be accurate identification of control weaknesses, fraud, and irregularities.

Integrity: Effcon is said to fully scan the data of the organization (100% of the population) instead of relying on sample controls, which the vendor suggests ensures the integrity of the control process by analyzing all transactions.

Automation: According to the vendor, Effcon performs control in an automatic manner, reducing the need for manual control efforts and potentially saving valuable man-hours.

User-friendliness: The vendor claims that Effcon offers a simple and easy-to-use system, including a visual deviance management module for easy input and tracking of deviances.

Deterrence: According to the vendor, Effcon improves the process of identifying fraud and reduces operational risks, potentially acting as a deterrent to potential fraudulent activities.

Accessibility: Effcon is designed to perform the control process continuously over time without the need for redefinition, providing ongoing monitoring and assessment of internal control effectiveness.

Compliance with regulatory requirements: The vendor states that Effcon meets the demands for improvement of the control system from various entities such as independent auditors, internal auditors, regulatory agencies, and compliance officers. It is claimed to assist organizations in complying with regulatory requirements related to control and risk management.

Real-time: Effcon is said to discover material weaknesses in the control process close to the occurrence of the failure, potentially enabling timely remediation of control failures.

Quantification capability: According to the vendor, Effcon can quantify failures in the control system, assisting in assessing the severity of deviances and potentially guiding appropriate steps in response.