Effectiveness is often associated with institutional values. The process change met their business objective to allow no account overdrafts. Although the process took more time, the unit managers agreed that the process was more effective for managing within their fund allowances. Efficient Minimizing waste or effort. Efficiency is distinguished from effectiveness.
Efficiency is often the result of the continuous improvement of processes.
Be efficient as long as you do not compromise effectiveness. Monitoring can happen at different stages of the process. Responses to monitoring include sharing information, formal reporting, or more review. When anomalies are discovered as a result of monitoring they are reviewed, researched and corrected as needed. Corrective actions may include reporting to affected units, providing additional training, requesting further review, or alerting internal audit.