Effcon (Effective - Control)
Financial Services - Ramat Gan, Tel Aviv District, Israel
Effcon (Effective - Control) Employees
Effcon (Effective - Control) Details
Effcon (effective – control) is a subsidiary of MONAROV & Co. Effcon is a unique automated system for Internal Control and Fraud Prevention Engagements. The system facilitates the maintenance of an automated, continuous and independent control system for purposes of identifying control weaknesses, fraud and irregularities, reducing operational risks and assessing the effectiveness of internal control in the organization. The system constitutes a major tool in assisting organizations in achieving their business objectives.The advantages of the system:• Automation - performing control in an automatic manner without having to waste man-hours.• Integrity – Fully scanning the data of the organization (100% of the population), instead of using only sample controls.• Accuracy – Bringing the relevant deviances to the surface without the need for further filtration.• Accessibility – The control process is performed in an ongoing manner over time, without having to be redefined.• Deterrence – Improving the process of identifying fraud and reducing operational risks.• User-friendliness – Use of the system is simple, with deviances input into an easy-to-use, visual deviance management module.• Quantification capability – Quantification of failures in the control system and assistance in ascertaining the severity of the deviance and taking the desirable steps on the part of the organization.• Real time – Discovering material weaknesses in the control process facilities the remediation of the failure in the control very close to the occurrence of the failure.• Compliance with regulatory requirements – also providing a response to the demands for improvement of the control system on the part of various entities, such as the independent auditor, the internal auditor, the regulatory agencies, compliance officer, etc
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