As any issue with #financial documents can have serious implications for businesses, there is no room for error when translating documents such as tax records, contracts and anything else of legal significance.
To avoid mistakes that may bring on severe implications, specialist expertise is required to manage a financial translation strategy.
As we are dealing here with a variety of specialisms, including #tax and #accounting, #insurance, #investment, #corporate reporting all of which require specialist #translators with proven experience, the most important thing you can do is to hire a Language Service Provider (#LSP) that specialises in financial translations. As the LSP (or simply said, translation agency) has teams of native specialised translators according to field of expertise, it can cover the whole variety of specialisms and most important, can assign a translator (or team of translators) that has experience with documents of a similar size and scope to yours.
Each field within the financial industry has a wealth of technical terminology that the translators will come across repeatedly in different documents you will need to translate. Translation technology is very important here as it can improve consistency, minimise errors and reduce the time it takes to translate documents. These tools are not automated translation machines, they rely on your already translated documents to build a #terminology #glossary and translation memory allowing you to reuse content, thus automating consistency. They also have integrated #QA tools that can help avoid errors such as incorrect transferring of numbers from the original to the translation.
All translated financial documentation must comply with local regulations with 100% accuracy. As such, you can request your translation provider to assign a reviewer to your projects.
The reviewer analyses the finalised translation and will (if necessary) #localise numerical values such as currencies, conversions, formats to minimise potential mistakes and can approve figures before publishing. The reviewer will also take into account any cultural factors that need addressing in your financial documentation (e.g. interpretation of symbols/icons).
If you need help with developing a financial translation strategy, you can reach out to Penini Translations. A dedicated Project Manager will assist you with the strategy and with all your future translation needs.
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