Making a translation error in an international marketing campaign is one thing. Messing up the translation of an important financial document is quite another. Banks, investors, and private companies all deal with financial data day in and day out, and more often than not, many of these details need to be communicated in multiple languages. A service of financial statements translation can ensure that your multilingual needs are met while still maintaining the appropriate level of security for these communications. But to get these results, you have to choose the right service provider.
So what attributes do you need to consider when selecting someone to translate your financial documents? As the following list reveals, you need to look for additional features beyond the normal certifications and experience you’d expect from a translation agency.
1. A Strong Financial Background
Translating materials for the general public and translating financial documents are two very different tasks. The financial field comes with its own unique terminology and standards. Many of the terms used in finances aren’t commonplace among the general public. Using the wrong word at the wrong time could be enough to completely change the meaning of a document that will be subjected to regulatory scrutiny.
Because of this, hiring a translation team with a solid financial background is an essential first step for ensuring a successful outcome. Look for providers whose teams include individuals who have prior experience working with financial institutions or who have received training or certifications specific to the financial industry (including IFRS standards). Those who understand the language and workings of the industry are far more likely to effectively fulfill your needs.
2. Collaborative Efforts With Your Team
The accuracy and timeliness of financial data can never be compromised. Will your translation team support these essential goals? One way of identifying this is a translation agency’s willingness to work with your company’s auditors and legal advisors to ensure that these expectations are met. This close collaboration also allows the translators to stay aware of key industry trends.
A quarterly or annual financial support cannot be delayed — in many cases, failing to file a report in time could result in regulatory fines or other penalties. A translation agency that works closely with your own internal team will ensure that your project is given the priority treatment it deserves, while still preserving the accuracy of all information included in your reports.
3. Information Security
One area where financial translations differ from other projects is the level of security and confidentiality associated with the work. Financial statements often are not meant for the general public, even if they need to be translated into several different languages for internal or government use.
Thankfully, there are several ways you can confirm that you are working with a security-minded translation company. The best agencies will use a mix of physical, technical, and managerial safeguards to prevent data leaks and other problems. Key measures include communication encryption, client data segmentation, controlled access to resources, and regular third-party inspections. Such measures eliminate both the physical and digital threats to your data.
You can also look to an agency’s current and former clients for validation of their security efforts. Banks and government agencies have strict security requirements — if a translation team is a chosen provider for such entities, it is likely because they meet these standards.
Regardless of whether you work for an accounting firm, a chartered bank, or a law firm that specializes in financial markets, you more than likely work with a multilingual client base. By enlisting the help of high-quality translation services, you can ensure full compliance with regulatory statutes and avoid costly mistakes in this sector where there is never room for error.