Factors revolving around financial translation experts and suggestions
Financial translation is a convoluted sector that requires both in-depth financial knowledge and professional language ability. Thus it is recommended to industries that when choosing financial translation services, it is important to get their documents translated by native translators who have thorough subjective knowledge in the particular domain.
Native translators in the desired language have a thorough understanding of the secondary language, local ethics, sentiments, number formats, etc. Thus, they can offer better quality in comparison to non-native translators. Experts having financial subject knowledge can have a quick understanding of the documents in terms of calculations, number formats, formulas, etc.
Institutions such as banking sectors, chattered accountants, etc. need to be very vigilant about the accuracy of the translations availed through the banking translation services or financial document translation services because an error by a small margin can ruin the credibility of their organization.
Standard financial translation agencies often incorporate financial experts for their financial projects, offering the best communication and understanding of the specific requirements in the given stipulated time according to the target market. One needs to go through the profiles (maybe ask for a blind resume, because it may be subject to non-disclosure of the identity firsthand) of the experts in the financial translation agency that they are planning to work with since this homework will give them an understanding on the quality of the services at the end of the project.
Given below are a few aspects of the resumes of translators that need to be checked-
· Experience- It is crucial that the experts have a few years of real-time financial translation service expertise in certain organizations like banking etc. So, the best step would be to go for the ones who have similar project experience in their earlier career.
· Education- As we understood earlier in this article -not only the proficiency in the desired language matter in terms of translation but also the subject matter expertise. So the resume of the translators should showcase their degrees in financial subjects like accounting, taxation, financial analysis, etc.
Gauging the localization ability
The financial industry needs localization in terms of the financial projects that generate revenue and involve working with varied currencies, number formats, punctuations, dates and times, etc. Localization helps to keep track of all of the international projects at a place according to the target market segments which is being dealt with by that organization. Thus, it is well derived that only translating to the desired language won’t be enough to keep the ball rolling, rather adapting to localize the financial documents will give the ultimate outcomes. So, one needs to get clarity from the targeted financial translation agency whether they would-
(a) Support financial localization services?
(b) Provide related portfolios or case studies on earlier financial localization projects for reference.
(c) Offer experts, to support with financial localization?
The matter of Confidentiality
The factor of confidentiality falls heavy on any type of financial organization since this involves the money of their clients. In case of any fraudulent activity done by second-grade financial translation services that expose their client’s bank accounts, then it would be a matter of lawsuits and degradation of the organization’s image. So to keep things secure in the first place, one’s financial translation agency should sign a Non-Disclosure Agreement (NDA) which legally binds that agency to abide by the confidentiality rules and regulations of their organizations.
Another factor that goes hand-in-hand is data security. One should not communicate regarding financial translations via email. The best financial translation services in India and services outside India utilize a Translation Management system which is a completely end-to-end encrypted platform for all data exchanges related to the services.
Quick turnaround times
Since the financial industry is evolving and sees a drastic shift now and then like the stock market, it becomes imperative for every financial organization to expect a minimal turnaround time from the financial translation services that they plan to avail.
Background check of the financial translation agency
One needs to check and do the homework in terms of going through the online reviews of the clients who have hired the respective financial translation services of the agency that they are planning to work with, and the way forward. This should include going through all of their financial projects, case studies, or financial portfolios to understand the quality of the services that they offer based on the fees that they charge.
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