Effective – Control (Effcon) – a Continuous Control Monitoring System

To enable you to continue managing your business in a secure manner

Effective – Control (Effcon) – a Continuous Control Monitoring System

To enable you to continue managing your business in a secure manner

Alkalay – Monarov Consulting’s Effcon system (effective – control) is a unique automated system which was developed based on over 20 years of experience in the fields of 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.

How it works

Our firm assists organizations in installing the Effcon (Effective control) system which contains defined sets of analytical rules. During its ongoing work, the Effcon system reads the transactions in the organization’s information systems and analyzes deviances and identifies red flags on the basis of the pre-defined analytical rules. In the event that the system identifies an exceptions, management and the parties responsible for implementing and monitoring controls of the business process will receive an alert regarding the event and will quickly ascertain whether or not there is a risk to the organization, the strength of the risk and the proper response shortly after the occurrence of the event.

The set of analytical rules is defined by a team of experts with vast experience in discovering deviations in various fields, based on many years of experience in our firm, in the fields of control and risk management.

Each organization has the option of adding new additional rules to the system which are unique to the environment of the organization, thereby fully adapting the system to its own needs.

The advantages of the system

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Accuracy

Bringing the relevant deviances to the surface without the need for further filtration.

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Integrity

Fully scanning the data of the organization (100% of the population), instead of using only sample controls.

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Automation

performing control in an automatic manner without having to waste man-hours.

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User-friendliness

Use of the system is simple, with deviances input into an easy-to-use, visual deviance management module.

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Deterrence

Improving the process of identifying fraud and reducing operational risks.

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Accessibility

The control process is performed in an ongoing manner over time, without having to be redefined.

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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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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.

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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.

Areas of activity

Inventory

 

Payments To Vendors

 

Timekeeping

 

Payroll

 

Investments

 

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Bribery Prevention

 

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Procurement

 

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Information Security

 

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Compliance

 

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Journal Entries

 

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Prohibition Against Money Laundering

 

Mutual Trust Funds

 

Corporate Governance

 

Who we are

ACL

ACL is a Vancouver-headquartered technology company focused on the global fraud detection, anti-bribery and corruption, and regulatory compliance markets.

Named as one of Canada’s Top SME Employers and a BC Top Employer, ACL helps the world’s largest public and private companies stamp out fraud, operational waste and unethical business.

With more than 14,000 customers globally, including 89% of the Fortune 500, ACL is disrupting the entire industry by leading auditors, risk and compliance professionals into the cloud and mobile.

For more details visit ACL’s website: www.acl.com.

Alkalay Monarov & Co – AlMo

Behind the development of Effcon (Effective – Control) system is the consulting firm of Alkalay Monorav & Co. (AlMo) (founded in 2005), with a staff of dozens of professional consultants.

Alkalay Monarov (AlMo) specializes in control, consulting and risk management, handling quality portfolios that demand a high level of partner involvement. The firm renders services to many of the largest companies in the Israeli economy, in the following fields: risk management, identification and prevention of embezzlement and fraud, audit and security of information systems, internal auditing, consulting to information system managers, implementation of the provisions of the Sarbanes Oxley Act, assistance to attorneys with litigation, liquidations and receiverships, consulting to boards of directors and senior officers in the areas of control, risk management, etc.

Alkalay Monarov & Co. (AlMo) is the sole representative in Israel of ACL, a Canadian company that develops risk management, control and data analysis platforms. The ACL software serves as the platform, on the basis of which the tests are defined.

For additional information, please feel free to visit our website at www.almo.co.il

Contact Us

Effective-Control (Effcon)

6 Ha’hilazon st.
Ramat Gan 525570, Israel
Phone: +972.3.6125612
Fax: +972.3.7513588
Email: info@effcon.co.il

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