As the world continues to appear smaller (this year, a Russian priest has flown solo around the world in 11 days in a hot-air balloon without stopping!) and technology allows us to communicate around the world in the blink of an eye (did you know that email is over 40 years old?) it seems that ‘global’ is the new local language, also known as ‘glocal’.
/ glocal / adjective – reflecting or characterized by both local and global considerations. “In the Web 2.0 era, every public institution has already been transformed into a glocal enterprise”.
So, what are seen as possible showstoppers in the finance industry when you want to speak to your customers on a ‘glocal’ level? Here are 4 things to consider:
- How secure is your data?
In professional industries such as insurance or finance, data security is one of the biggest concerns. Any leak of confidential information to competitors, or any other third parties, can cause major disputes that are damaging to the reputation of the company and its successful operation. When choosing a vendor for language solutions, ensure that the Language Service Provider (LSP) has:
- Company-wide policies and procedures to control the physical and electronic security around intellectual property, both internal and external
- Hold up-to-date ISO certifications (ISO 27001:2005)
- Relevant contracts and agreements with all staff, which also applies to their contractors and affiliates.
The way documents are handled should also be as secure as possible. A LSP should have a variety of appropriate solutions available, rather than sending unencrypted emails containing sensitive information.
SDL’s recent press release highlights how SDL brings unparalleled security to the translation supply chain.
- Find the right words
Language is subjective, therefore it is major challenge in the financial world to be able to translate and localise content. It is vitally important that the linguist have an in-depth understanding of the specific terms that are used. SDL has built a solution to allow full management of a terminology database.
In addition, the terminology has to be consistent across all the content and comply with the International Financial Reporting Standards (IFRS) issued by the IASB, the International Accounting Standards Board, and endorsed by the European Union.
Translation assets, such as glossaries and centralised translation memories can be a great help in retaining consistency. This means that even if different linguists are working on translations for the same client, consistency will be maintained and controlled. If a LSP, such as SDL, can offer a central point of responsibility to manage these assets and control terminology across languages, this can prove invaluable and avoid mistakes such as this:
- “You need it when?!”
You might be tempted to cut corners when a tight deadline is on the horizon for your project. How about using publically accessed automated translation tools that aren’t up to the task and expose your content on the public domain? It’s been heard of, even within the secure and compliant financial sector .
Part of any translation process includes the agreement of deadlines, allowing you to carry on with your core project in the knowledge that the translations you have ordered will be ready on time. Therefore, it would be recommended that you choose a LSP that has the flexibility and scalability when it comes to project volume fluctuations and urgent, quick turnaround projects.
- Friendly tip
It’s essential that you partner with a trusted LSP who has experience working in the financial and/or insurance sector. Technology, as well as dedicated in-country teams, are essential in order to obtain the best quality within the most demanding deadlines. Finally, but by no means least, any client documentation must be kept safe and secure to certain regulatory and ISO standards. So, make sure your chosen LSP’s teams, technology and system workflows are compliant and protected.
SDL has built an industry specific ‘Finance Language Platform’ which is designed to reduce cost and remove the complexity from creating financial content.
With all that’s been considered in this blog, SDL does not expose its customer’s data to security risks throughout the translation process. Centralised workflows and industry-certified processes ensure maximum visibility and security of your information. Find out more about SDL’s new offering, SDL Secure Translation Solution, coming in 2017. SDL provides the only ISO 27001 accepted language platform, with certified translators, data encryption and a comprehensive audit trail.