| Working for a busy translation agency, I have had | | | | One of the big benefits of using TM is that it |
| the privilege of working with a wide variety of | | | | helps with the consistency of your document as |
| clients and customers, all with diverse needs and | | | | well as potentially reducing the overall cost of the |
| requirements. Over the course of an average | | | | project. |
| day, it would be fair to say that no two | | | | In addition to using translation memory it would |
| assignments are ever the same. One area where | | | | also be worth investigating if your proposed |
| we do receive a significant amount of requests is | | | | suppliers have access to relevant financial |
| in the field of financial translation. Financial | | | | dictionaries. The financial industry uses many |
| translation refers to the broad area involving the | | | | complex terms, anachronism and phrases that are |
| translation of financial documents. This can vary | | | | not widely used outside the industry. It is |
| from the translation of financial reports, to | | | | therefore vitally important that the translators |
| technical terms and conditions found within financial | | | | undertaking your assignment are not only aware |
| documents through to excel spreadsheets | | | | of this terminology, but have access to the |
| detailing a company's profit and loss data. It's a | | | | resources that explain what they mean. Simply |
| service that both individuals and organisations may | | | | Googling a specific terms is often not enough to |
| require. Big organisations that are looking to have | | | | get the required definition, and a good translator |
| representation in a foreign market may need to | | | | will have access to a wide range of dictionaries |
| have the financial reports of a potential acquisition | | | | specific to their areas of expertise. |
| translated; similarly an individual may need their | | | | Another key consideration already outlined at the |
| own financial details translated if they are looking | | | | start of this piece is the use of skilled translators. |
| to relocate or make a significant purchase in a | | | | Professional translators will often specialise in one |
| non-native country. | | | | specific area, and a skilled translator will not only |
| Like all fields of translation, accuracy of the | | | | have language qualifications, but also a qualification |
| financial translation is greatly enhanced by the use | | | | in their area of expertise. As described, a typical |
| of a mother tongue linguist who has skills, | | | | qualification for a financial translator can include an |
| experience in the financial industry. Typically, a | | | | MBA or accountancy qualification. Prior to choosing |
| good financial translator will hold some form of | | | | your translation provider it would be worth |
| financial/business qualification such as an MBA, | | | | consulting with them to find out what typical |
| accountancy qualifications or consultancy | | | | qualifications their financial translators hold. |
| qualifications. Before choosing your financial | | | | As mentioned above, if your assignment is fairly |
| services translation provider, as in all fields of | | | | lengthy it would be worth considering the use of |
| translation, there are a number of factors to | | | | an agency in preference to an individual translator. |
| consider. This article looks at the issues that can | | | | It may be that your project is required in multiple |
| affect your choice of supplier and things to take | | | | languages or the output is needed in a specific file |
| into consideration prior to placing work with them. | | | | type, such as print ready or XML. Here an agency |
| Often, financial translations involve material that is | | | | is likely to have the advantage in terms of its |
| of a private and confidential nature. The material | | | | access to resources, usually being able to manage |
| may be due for publication on a set date, but | | | | multiple languages in multiple files types. It would |
| prior release is forbidden. It is vitally important | | | | be worth confirming that your selected language |
| then, when determining who to use as you | | | | provider is able to handle specific file types and |
| translation supplier, that the supplier you choose is | | | | has the resources in house to be able to output |
| able to fulfil any requirements you have regarding | | | | into the desired format. |
| confidentiality and non-disclosure. Using an agency | | | | For individuals who need to have financial |
| rather than an individual translator may be of | | | | documentation translated for legal/compliancy |
| benefit here. Agencies typically have access to a | | | | reasons, I always recommend confirming the |
| number of suppliers and can handle multiple | | | | scope of the requirements with the body that |
| documents. They are likely to have confidentially | | | | have requested the translations. For example if |
| agreements already in place with all their suppliers | | | | you are looking to emigrate to a foreign country |
| that govern the disclosure of the work and | | | | and part of the application process stipulates you |
| therefore you would only need to provide one | | | | need to have bank statements translated, it is |
| confidentiality agreement for the entire project - | | | | worth confirming how much of the statements |
| between you and the agency. The other obvious | | | | are needed (e.g., all figures contained within the |
| benefit of using is an agency is the ability of the | | | | documenty or just the text). It may be that as |
| agency to handle multiple documents into a | | | | well as translation your documents require |
| number of languages. | | | | rekeying and certification, all of which can add to |
| If your documents have a lot of repeated text | | | | the overall cost of the assignment. |
| throughout them or you have clauses (such as in | | | | Financial translation is a broad area within the |
| terms and conditions) that you need to have | | | | translation industry and when done well is |
| repeated at specific intervals within in your | | | | performed by a professional financial language |
| financial documents, it is worth finding out if your | | | | expert. Finding the right supplier who can fulfill |
| proposed supplier is able to handle translation | | | | your requirements is key and as illustrated above |
| memory. Translation memory (TM) is a software | | | | prior to sourcing a suitable supplier it is worth |
| application process that will look for duplication in | | | | confirming the scope of your requirements and |
| your document and prompt the translator to | | | | the suitability of the proposed supplier to match |
| reuse this duplicate text when and where needed. | | | | these requirements. |