I think that your answer is fine but 'ongoing' is perhaps a little bit more anglo and sounds less like a translation. Ongoing monitoring is a very common phrase in the world of finance, so you should be fine. A google search should make this clear.

Or 'permanent control', but that is a bit of a calque -- and definitely 'control'. As opposed to periodic control. Reason: these are the two aspects of Internal Control in the accounting regulatory/corporate governance arena (cf. Basel II/III, Sarbanes-Oxley, etc.).

Yes, control *involves* monitoring, but in this case monitoring is merely how the entity exercises its control responsibilities.

--------------------------------------------------
Note added at 7 days (2011-03-01 09:32:39 GMT)
--------------------------------------------------

Yep, "continuous monitoring" may be what you have to *do* in order to have effective ongoing control in place. As the FDIC puts it,
"Maintain effective and ongoing controls for monitoring compliance with loan covenants for the advancement of funds and determination of default conditions, …"

'Ongoing and periodic control' makes a pair with the 'initial, ongoing and periodic disclosure' requirements that also apply, not just to banking and finance but to financial reporting and corporate governance in general.

--------------------------------------------------
Note added at 7 days (2011-03-01 09:53:43 GMT)
--------------------------------------------------

Somehow, the Sarbanes-Oxley Act was written using the word "monitoring" only once and never using the word "continuous" at all. It has more to say about "maintaining internal controls", though.