Best Practices to Consider for Financial Translation
Updated On February 14, 2023 | by Joseph Williams
Financial activities are an important part of business expansion and globalization. Likewise, translation is an integral part of business operations. Financial translation is one of the most demanding language services which has little room for errors. Issues and mistakes in the financial translation can lead to serious problems and implications in the whole process with discrepancies. This is extremely vital that the business contracts and agreements as well as the legal documents are handled well.
Financial translation services are a complex trade. Expert and experienced translators can pull it off more effectively. Also, the translation agency should work on a carefully crafted translation strategy to ensure there are no loops in the content and work. They should understand that not all translators have the relevant expertise and exposure to financial content. So, they have to adapt certain strategies to overcome the challenges of this content. A proven experience in the field and managing projects can be a plus.
Here are a few of the important practices which can help business owners to tackle the challenges of financial and business text translation.
Hiring the Right and Experienced Talent
Companies and businesses should make sure that they lock in a professional translation agency or team of translators. They should think about the benefits and advantages that they will be availing in the long run. That is why the right talent with relevant expertise is a must for translating financial content. As it may contain the details of finances, transactions,s and other numerical figures which can lead to serious implications if not handled rightly.
Using the Right Technology
Relying solely on translation technology for the translation of the financial text can be a big risk. Therefore, you should hire experienced translators and pair and integrate them with the right technology. Translation tools and technology can contribute to better consistency, and can minimize errors with the reduction of time as well. Thus, you can hire the translation agency and ask for their backup of translation technology which may include translation memory and terminology management along with other tools that help to deliver quality content, and that too in a short time.
Ensuring Data Security
Translation services for businesses require a lot of confidentiality and security of the documents. The business text with the details of finances and agreements is sensitive data. Hence, it is significant that the translation agency integrates the right system to secure the data. They should prioritize data security. Confidentiality is one of the paramount factors in financial translation and the translation partner has to take care of it. You should also be addressing him on the same and can share your concerns to know what is their practice to ensure data protection. Moreover, ask them for the breakdown of the security system including contingency plans too.
Work on a Translation Glossary
You as a business owner should sit with your language service provider to work on a glossary. This list should include the important terms which you are going to use time and again and also elaborate on the standard meanings of each term. It helps to bring consistency to the translation. The translated text is more accurate and precise.
Localizing the Numerical Values
The units for currencies and conversions including time and date formats are different for different regions. You should make sure that you collaborate with your translation partner and work on localizing the numerical values as per the requirements of your target market. This is an important aspect when it comes to professional financial translation services. Mentioning the details of finances and capital in the wrong format can leave a negative impact on the target audiences. It mitigates the risks of potential mistakes and helps with the implementation of the human review process to approve the final figures before publishing.
We all know how culture is another game changer and a key player in the process of translation and localization. Whenever we talk about globalizing the business into a new region, we focus on the significance of cultural factors time and again. The culture represents their people. You should carry out extensive research on the target audience before the start of the project. You should also know the market norms of your new target market. It should also include important cultural factors such as color coding, the significance of symbols and the interpretation of icons, and a lot more. Moreover, also consider monitoring and supervising the translation process to make sure that the translation agency or translators are taking care of the cultural factors and producing content that is relevant to the culture of the target market.
You have to repeat this process every time you determine to add a new language to your project.
Quality can not be compromised in professional translation services. Therefore, you should check with your LSP and see if there is reliable quality control and testing system integrated by them. It is significant to ensure consistency, accuracy, and quality all across the financial documents.
You should put great emphasis on quality control during your initial sittings with your nominated team of translators or translation agencies. A strong quality assurance system is the main essence of the translation. Quality is primarily important for all kinds of translation and transcreation too. A below-average translation can not be sent to your foreign business associates or else it can bring sheer embarrassment.
Translation of the business and financial text is an extremely sensitive and delicate matter. Business owners should make sure they are thoroughly involved in the process of translation and taking care of important aspects. They should also address their main concerns with their translation partners so that there are no ambiguities in the process later. Also, they should force the language partner to adopt certain practices.