Choosing the Right LSP for Localization in the Financial Services Industry

Financial companies often require language services, but due to the highly sensitive nature of the translation and localization of financial materials can be demanding and finding an adequate LSP can present a challenge.

Miloš Matović 2016-09-21 Localization 5

Choosing the Right LSP for Localization in the Financial Services Industry

Financial services comprise one of the largest, most dynamic and most internationalized industries of the modern world. Banks, insurance companies, financial institutions, accountancy companies and other parties frequently require language services, but due to the highly sensitive nature of the translation and localization of financial materials can be demanding and finding an adequate LSP can present a challenge.

In addition to general linguistic quality, accuracy of translated information and clarity of the translated materials, confidentiality and compliance with the industrial and legal standards of the target market, as well as International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS), are the essential criteria for the translation of financial documents, bank statements, credit documentation, finance contracts, invoices, insurance policies, the localization of financial and banking software, online banking platforms and other language services required by the industry.

Information Security and Confidentiality

The subject of information security and confidentiality depends on the credibility and professionalism of each individual assigned to a project, including project managers, translators, proofreaders, editors and QA specialists, and on LSP’s technological infrastructure.

Therefore, choosing an LSP that, in addition to its experience in the field, good reputation and an advanced business culture, also holds certificates on the implementation of specific standards such as ISO 9001:2008 (quality management system), ISO 17100:2015 (quality management system for translation companies), and ISO 27001:2013 (information security management system) is an essential step.

Translation Asset Management

Translation assets include all bilingual or multilingual data that can be used to produce consistent, faster and cheaper translations. The industry-specific terminology approved by the client is incorporated in glossaries and terminology bases (TB), while translation memories (TM) are built over a certain period and include translated segments in a certain language pair.

Given the high percentage of industry-specific terminology, localization and translation projects for the financial industry may particularly benefit from the production, management and maintenance of translation assets.

These assets are used in all future products, ensuring the consistency and the same high level of translation quality, as well as a leaner translation or localization process that takes less time and fewer resources – in other words, a language services provider that employs these procedures will help you get a better translation at a reduced price.

Developed Project Management

Standard translation projects for the financial industry of all sizes and scopes, as well as complex projects such as financial or banking software localization, require excellent coordination and a clear workflow in order to achieve a high quality output that will be delivered on time and within budget.

This is achieved through structured localization project management developed for the management of translation and localization projects at all stages, starting with analyzing clients’ requests, setting deadlines and technical requirements, assembling linguist and expert teams, performing quality assurance checks and ending with translation delivery.

Before entering into a translation or localization project, ask your prospective LSP about their project management. The more the procedure is developed, the better the final results will be.

Advanced Quality Assurance Procedure

In addition to specific terminology, financial and insurance documents also feature a high percentage of figures, currency formats, dates and other numerical elements.

Naturally, the accuracy of numbers is always essential and for this reason an extended quality assurance procedure should be applied to inspect the translated material for any possible errors. In addition to bilingual review, review by a second linguist, native speaker or a field expert for accuracy, consistency, correctness, fluency, and terminology, a computer-assisted QA procedure should be used for the ultimate quality check.

If all these criteria are met, the result will be an impeccable and secure translation that will help any financial or insurance company communicate its message to foreign clients and partners.