Do you agree that failing to monitor is like living in a home without an alarm? You won’t know about the fire until you notice the smoke and house is gone.

Yes, that is why internal control is so important in an orgnisation.

YES, under SOCO, monitoring is one category to control the operational, financial reporting and Compliance risks.

It is either to be performed by Internal controls, operational risk or by compliance department to conduct transaction monitoring, due diligence check on account acceptance level and to mitigate frauds and AML financial crimes. 

agree

Yes, I agree. Monitoring is a very important tool in the management of any financial or even any program/project. Without having a fast and active monitoring system being in place, you can face svere mishaps.