Translation projects in the Banking and Finance sector require rock-solid quality, often with very tight turnaround times. These tips will help you choose a vendor who will get it right first time, optimize the quality of your translations and keep costs under control.
Use A Professional
Many large financial companies employ people of various nationalities in several countries around the globe. For the novice who has been tasked with getting some documents translated or for anyone with little understanding of the translation field, it’s tempting to ask bilingual colleagues to do the translation, or to rely on in-country colleagues to edit low-cost translations.The motivation? Those colleagues are native speakers of the language as well as familiar with the financial industry and they will not charge a penny to do the job.
Think twice about this and you’re likely to agree that this is a false economy. Your colleagues are (probably) highly paid, and certainly very busy; they will need to spend more time on the translation than a professional translator whose job is to deliver thousands of words every week. Furthermore a native speaker is not necessarily a master of translation subtleties, and they could easily produce a flat literal translation or introduce errors.
Look For A Vendor Who Categorises Translators According To Specialisms Within Finance
The world of finance is vast and encompasses a variety of specialisms from consumer banking services to accounting, investment funds and macroeconomic analysis. Few, if any, financial translators will have in-depth knowledge in all financial specialisms – for example wholesale banking vs consumer banking, commodities vs forex – nor in all functional specialisms such as research, consumer-oriented marcoms, training, legal, IT etc.
Help Your Vendor With Reference Material
Just as preferred financial terms and jargon can vary in English between different firms, so too in the languages you’re translating into. Without some guidance it’s hard for a vendor to anticipate what’s needed when translating.
Here are some easy steps you can take to avoid time-consuming back and forth rounds of amends:
- Provide reference materials
- Arrange to have translated glossaries signed off before the main project
- Facilitate Q&A emails and/or calls between translators and in-country end users
- Explain the context of the project, describe the target audience, etc.
Consider Typesetting, Formatting And Engineering
There is usually significant work involved in formatting presentations, typesetting annual reports, localising a website, etc. All these tasks can be done most efficiently if they are integrated into the translation workflow, saving you time and money as well as preventing introduction of errors at later stages of the project. At any time, translations can easily be exported into Word format for in-country review.Treat Projects Differently According To Urgency And Size
In order to facilitate the handling of your projects within your preferred timelines, keep your translation vendors in the loop and give them as much advanced warning as you can of your project start date and milestones. This way, they can schedule their resources to ensure their availability when your project comes in.
You can categorise projects as follows:
- Regular documents – can usually be sent to a vendor on an ad hoc basis
- Very large projects – benefit from advance warning
- Very urgent projects – fastest turnarounds – can be achieved if you allow time to set up a dedicated translation capability, even if it’s just one translator freed up to spend a couple of hours on your project at a pre-arranged time
If you’d like to find out how Asian Absolute helped the Financial Times translate news stories overnight for their Chinese website, please read our dedicated case study.
As well as signing an NDA with you, require your vendor to demonstrate how they ensure security throughout the project lifecycle, from receipt of files to archiving policy, and NDAs with their vendors. Pay special attention to your vendor’s information security policy.
Save Yourself Money, Time And Trouble
If you have regular or large volumes of text that require translation, you should get advice from your language service provider and see what solutions they can offer to help you save time and money whilst maintaining a high level of quality.
At Asian Absolute we have a large network of specialised translators and over 10 years’ experience translating for the financial sector. For more information on translation for banking and finance, please visit our dedicated page.
To learn more about translating Financial News read Fastest and Finest Translation of Financial News.