Yes, monitor will do the job.
You will get back: {'DOWN', MonitorRef, Type, Object, Info}
Where the Object is the pid and Info is the exit reason
You can also do with link and trap_exit, but links are bi-directional so you'd take that child out with you if the parent died.
The easiest way to get the PID of the child process will be to have the child register itself with the listener (the one using monitor) when it starts. Have it send self() and then the listener can monitor that PID.