A technique facilitates monitoring of strain related effects along a tubing string, such as a tubing string extending from surface equipment toward a sea floor in a subsea well application. A monitoring module is employed to monitor the strain related effects and may have a tubular structure. The monitoring module also has a reduced wall thickness region constructed to concentrate strain in this reduced wall thickness region. Additionally, the monitoring module comprises at least one sensor mounted to the tubular structure in the reduced wall thickness region for monitoring of strains.