This can also be a part of Acer empowering technology. The eRecovery!
IbroxBlue
monitor.exe is a service which is a part of the Microsoft Server operating system, and is specifically related to monitoring hardware components for performance bottlenecks.
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Hound
It is also a software called forteManager that comes with LG LCD monitors to allow quick customizing and changing of settings to the monitor from the system tray.
Paul T
It can also be part of a web-cam, mine was installed with my trust web-cam by windows update. There are no adverse effects if it is terminated.
