MONAROV & Co. 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
Compliance with regulatory requirements
Areas of activity
Payments To Vendors
Prohibition Against Money Laundering
Mutual Trust Funds
Who we are
Galvanize is technology company focused on develop GRC software (HighBond platform) that strengthens organizations.
The platform provides visibility into risk, makes it easy to demonstrate compliance, and helps grow your audit, risk, and compliance programs without incurring extra costs.
For more details visit Galvanize’s website: www.wegalvanize.com.
MONAROV & Co.
Behind the development of Effcon (Effective – Control) system is the consulting firm of MONORAV & Co. (founded in 2021 – Split from Alkalay Monarov Accounting Firm), with a staff of dozens of professional consultants.
MONAROV & Co, 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.
MONAROV & Co. is the sole representative in Israel of Galvanize , a Canadian company that develops risk management, control and data analysis platforms. The Galvanize 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.monarov.co.il