The Building Blocks of Financial Translation

The ever-increasing process of globalisation continues to put companies under pressure to communicate financial information in numerous languages. Whether it’s annual and shareholders reports or corporate contracts, all documents require translation of the utmost accuracy. The consequences of errors can be dire; issues with investors, clients or suppliers may arise, or strict financial regulations that differ from country to country could potentially be violated leading to costly legal troubles.

Finance is a complex industry that people spend years studying heard to break into, so it’s no surprise that financial translation is a highly specialised field. As well as there obviously being mind-boggling financial jargon in need of careful linguistic handling, translators must also know their way in and around cash flow statements, balance sheets, and audited account reports among other documents. They have to use their understanding of the culture surrounding the target language to ensure translations are localised to suit the financial sector in their native country, with words and phrases that could even be considered offensive in some cultures being avoided.

Looking away from the linguistic side of things and focusing more on the financial translation service itself, time and confidentiality are two factors that always play a major role in satisfying the needs of financial translation clients. Translation companies providing these services all have efficient project managements systems to allow them to keep up with the fast-paced world of finance, delivering assignments in quick time to corporate clients. The fastest turnaround times on offer usually include rushed turnaround times and/or delivery within 24 hours. Confidentiality is equally important because many documents can’t be published until approved by the Financial Services Authority, meaning a leak of information beforehand could prove disastrous and have long-lasting effects. State-of-the-art IT security tools often play a part in guaranteeing maximum security, and confidentiality agreements are put to translators to sign by the service provider in question.

No two clients are ever the same, making it likely that they will usually return to the same financial service to have the aforementioned aspects delivered on a consistent basis. Some companies specialise solely in financial translation, although it’s more likely that a business will hire a company or agency that operates in all areas of translation. Those in the corporate world can rest assured that there are a great many service providers out there who understand that having the finest details of financial documents understood in any language is not a luxury, but a necessity.