Financial Translation
The world is becoming one, there are no such things as boundaries anymore left
, geography may still keep us far apart but our technology has developed so much so that it overshadows distances and makes work easier and simpler as much as possible. As our modern day world is globalising at such a fast pace, the big multinational companies and audit firms are put under pressure to communicate financial information in numerous languages.
Not the customers but every stakeholder is now aware and takes keen interest in a companys financial profile and to reach them as per their conveniences ,a firm has to take the help of linguistic and financial experts to translate the whole data in a certain language and translate it as accurately as possible, without changing any details and facts.
Apart from the big companies, the banking, insurance and investment sector also requires financial translation to reach out to their customers, expand their market and build new relationships and contacts all around the world. Banks and financial institutions face a major challenge when they enter foreign markets because they have to adapt products and services to the target locale and ensure that their operation comply with the local financial regulation.
The financial translation is also an indispensable part of those investment companies who want to sell and buy shares all across the world. The process of financial translation has highly helped to increase the shareholders profit.
Financial terminology is complex and hence requires a deep understanding of the field. An inaccurate finance translation can do some real harm to ones business. So the translators should be well qualified, professional and know the rules and regulations of taxation, bonds, trade policies.
Therefore, now the concept of certified translators has evolved, certified translations are sometimes required for official purposes. What constitutes "certification" in translation differs from place to place and sometimes there are legal implications. The certifies translators are the ones who have either been certified by a professional association, or who have been screened by professional peers.
It is possible to search among this network for certified translators who have the qualifications you require. Certifies translator often provide help to the nongovernmental organisations like universities, insurance providers, lawyers etc. to do their official needful. Certified translation also demands a high level of confidentiality and professionalism.
Though its not mentioned in any code of conduct or an essential qualification but certified translation helps to boost the profile of the translator who is certified by showing his translation ability, creating business reliability and also be providing a cultural and technical competence. Examples of documents which may fall into this category include:
Birth, marriage, divorce or academic certificates
Official transcripts, such as school, work, medical reports
Regulatory documents such as power of attorney, contracts, etc.
Household bills
The concept of financial translation is well taken by people but still the certified translations are probably the most misunderstood concept in translation. Many countries in various continents have certified translators who have to take an exam in order to be able to certify their translations with a personalized stamp.
by: James Duglas
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