Financial Translation Services: The Purpose
As the wave of globalization sweeps even faster, the need for translation and localization services is also increasing to unprecedented heights.
Many businesses are operating in different nations. The trend also applies to businesses in the financial industry.
These businesses need financial translation services to translate business documents into different target languages.
Financial translation aims at providing the business partners, like the investors and suppliers, as well as related stakeholders with documents in their own language.
Finance is a highly specialized field; therefore, it takes special skills and knowledge for the translators to do the job accurately.
Financial Translation Services: Why Businesses Need This Service?
Multinational corporations have operations in many countries. Of course, they have managers, officers, employees, and workers who speak different languages.
They need help from Financial Services Translation Companies to generate business plans, sales reports, marketing contents, and many kinds of business analyses in different languages.
These translated documents will make the jobs of local management easier. Having business documents in their local language, the local managers do not need to spend time and energy understanding the text due to linguistic barriers.
The following are some other reasons why multinational corporations need financial translation services:
The Need for Confidentiality
Most financial documents are confidential in their nature.
Working with a legitimate financial translation service is a must for multinational corporations to ensure security and privacy of the financial documents, which include:
- Annual reports;
- Policy documents;
- Financial statements;
- Business plans;
- Sales projections;
- Audit reports;
- Public Offering documents;
- Fact sheets;
- Shareholder communications;
- Financial press release; and many more.
A company must be very careful to let others know the documents. Therefore, professional financial translation services are the best partners.
A legitimate translation agency can be held responsible if the documents are leaking in an irresponsible way.
Multinational companies need to comply with the regulatory requirements in the area, where the branch offices are operating.
The company usually needs to provide legal documents to get business permits in the local language.
In addition, when the corporations want to list in local securities and exchange markets, they must submit a number of documents in the local language.
Therefore, working with financial services translation companies consulting is the best choice.
Not everyone is familiar with financial terminology. Each sub-domain of finance also has specialized terminology.
For instance, accounting has different terminology from that of insurance. Translating financial documents is even more challenging since the terminology used in different regions or countries may vary widely.
This way, a specialized translator is the solution. Otherwise, the results may be confusing for the readers.
At certain points, the translation agency may collaborate with local officers to check whether the glossaries of terms used in the translated documents have been correct or not.
This way, they can ensure that the terms are used in a uniform way to avoid confusion among different readers.
Financial Translation Services: How They Work?
Financial translation belongs to the group of specialized translation.
Therefore, it must be handled by an agency that focuses on specialized translation services. The agency must be supported by expert translators that specialized in finance.
The agency may determine the criteria of translators to join the organization, for instance, educational background in finance, certain years of experience, writing competence, and many more, depending upon the need.
In addition, the following are common steps on how financial translation services work:
- Appointing a Dedicated Team;
Multinational corporations usually have a number of financial documents, thus making them impossible to be done by a single translator. Therefore, the agency would appoint a team of dedicated translators to do the job well. They work in a team to deliver high-quality results. The agency appoints the team based on several criteria, such as background knowledge, formal education, writing capability, or experience in handling similar documents.
- Peer Review
For documents that need a high degree of accuracy, the teamwork may work with other experts for peer review before the translated documents are delivered to the client. This is especially true for documents, which may have legal implications. The peer team may include legal experts, financial experts from a reputable university, or other experts based on the fields. Peer review also aims at ensuring compliance with local regulations. Therefore, the team may include local officers from the relevant institution.
In conclusion, financial translation services will help much for corporations that are working to extend their global reach.
The market can be approached in an easier way by means of appropriate language. Even small mistakes can decrease the public trusts, on which the multinational companies depend much.
Therefore, working with a reputable translation agency is a must for corporations that operate or want to operate in different regions or different countries.
Besides financial translation, they will need the help of expert translators in other fields, like promotions, employee education, and many more.