Considering the state of commerce in the world today, with an increasing number of companies doing business on a global scale, it’s no wonder that translation services are so much in demand. And perhaps nowhere is that more obvious than in the financial industry. If you are a part of this highly competitive field and in need of translation and/or localization services for your organization, a word of caution: choose only an experienced translator with a solid background within the finance industry. In case you’re unsure, here are a few reminders of why only a linguist trained in finance is qualified to be your translator/localization expert:
- Finance is a highly specialized field.Sometimes we can’t see the forest for the trees. If you’ve been busy working within an industry for several years, it can be easy to forget exactly how specialized that field is. This is particularly true in the finance industry. You’ll need a translator who is familiar with financial terminology and documentation, and that will require a linguist with education and/or work experience in the finance field. If your business involves dealing with financial documents from another region of the world, it’s preferable to not only find a translator who is fluent in the target language, but also one who is experienced in the financial terminology and documentation common to that region.
- Familiarity with regulatory requirements is a must-have for a translator.When U.S. companies deal with foreign organizations, or vice-versa, those entities are required to file documents with regulatory agencies (such as the Securities and Exchange Commission [SEC] here in the US, for example). Having a translator who is familiar with those regulatory requirements, in addition to the terminology used in such documentation, is essential.
- Understanding the importance of privacy and confidentiality is crucial for anyone working within the finance industry.That includes your translator/localization specialist. Only someone with experience in this industry can understand and truly appreciate their obligation to maintain privacy and confidentiality with regard to the documentation they are translating. Considering the nature of those documents – which can include financial statements, annual reports, business plans, shareholder communication and audit reports, to name just a few – it’s a tremendous advantage to hire an experienced finance professional as your translator.
- It is absolutely essential to hire a language professional who keenly understands the importance of meeting deadlines and producing the highest-quality translations possible within the timeframe required.While it’s true that many industries may require a quick turnaround time for translations, the finance industry is especially impacted by failure to meet deadlines. In an industry where missing an SEC filing date may result in costly penalties or even a suspension from trading and/or being delisted, it would be foolish to rely on the services of a translator who does not understand the serious consequences of missing a deadline.
If you are a professional working within the finance industry and are in need of a translator/localization specialist, you may be wondering how to find an individual with such specialized knowledge – one who is not only a top-notch linguist, but also one who has solid knowledge of your industry. The answer is simple: contact a reputable translation agency. These language professionals can not only match your needs with a qualified translator; they also vet each and every linguist they do business with, so you can be sure that the translator you choose is one who has the background and experience you need for your business. Whatever you do, never rely on any type of machine translation for your financial documents, and avoid playing the guessing game of whether or not a freelance translator actually has the financial background required. Instead, contact a reputable translation company and let them find the right translator for you.