Obtaining a license is only the initial stage of business; maintaining it in the long run is far more challenging. Georgian legislation imposes ongoing obligations on licensees and permit holders—whether it involves periodic reporting, adhering to technical standards, environmental norms, or maintaining financial ratios. "Compliance Monitoring Systems" is a service that helps companies establish internal control systems to remain constantly compliant with regulator requirements. This is a preventive measure that protects the business from fines, license suspension, and reputational damage.
What does the Compliance Monitoring Systems service cover?
This service focuses on a proactive approach and includes:
- Internal Audit System Implementation: Drafting procedures within the company that automatically ensure control over license conditions.
- Legislative Change Monitoring: Constant tracking of regulatory changes and adapting business processes to them.
- Reporting Management: Timely and correct submission of mandatory reports to regulatory bodies (e.g., National Bank, GNERC, National Environment Agency).
- Employee Training: Training staff on compliance with permit conditions.
- Risk Assessment: Identifying potential violations and developing a corrective plan before official inspections.
- Response Plan: Preparing a crisis plan in case a violation is detected.
Common scenarios when you need this service
Systemic monitoring is essential for high-risk or strictly regulated businesses:
- For financial institutions (banks, MFIs) that have strict AML/CFT (Anti-Money Laundering) and capital adequacy requirements.
- For energy companies that must adhere to tariffs, supply standards, and technical safety norms.
- For mining companies (mineral licenses) that must fulfill environmental obligations and recultivation plans.
- For medical institutions where sanitary norms and staff qualifications are constantly monitored.
- For gambling operators who have strict obligations regarding electronic monitoring and age verification.
Georgian Legal Framework
The main regulatory act is the "Law on Licenses and Permits" of Georgia, which defines the general rules for controlling compliance with permit conditions. However, specific laws apply to specific sectors: "Law on Activities of Commercial Banks," "Law on Electronic Communications," "Environmental Assessment Code," etc. Control is exercised by the relevant administrative bodies (license issuers), which have the right to apply administrative liability measures in case of legal violations.
Process: How specialists work
The lawyer first conducts a diagnostic of the company's current state (Gap Analysis)—comparing actual processes with license requirements. Based on this, a "Compliance Manual" is created. Software or procedural mechanisms are implemented to alert management of approaching deadlines (e.g., reporting due dates). The lawyer conducts periodic (quarterly or annual) control checks to ensure the system's effectiveness.
Why choose a specialist on Legal.ge?
Compliance specialists on Legal.ge possess experience in both legal and operational management. They can translate complex legal texts into simple, actionable business processes. Experts selected through our platform will help you turn regulatory compliance into a competitive advantage for your business.
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