What Are the Major Challenges faced by Financial Translators?

The term financial translations, give the idea that it involves the translation of numbers, so how hard could it be? But that’s not really how it works. Financial translation services deal with the translation of documents in the field of economics and finance. The translators specialized in finance discipline are certified for financial translations. Their certification implies that they are well knowledgeable in the subject matter and the financial terms. 

The significance of financial translation services is rapidly increasing with the rising economies around the world. Globalization is the root cause that people find this necessity to cross language barriers for the growth of their businesses in various countries. The need for translation services is not limited to multinational giants anymore in the market but also expanding to small enterprises. 

Phoenix is one of the best translation agencies in the business that can provide all necessary services for financial translation, including translations of financial prospectus and reports, audits, quarterly and yearly financial statements, public offerings, income, balance, cashflow statements, etc. 

Here in this blog, I’ll discuss the general challenges faced by translators in the process of creating financial translations. Financial translations are no less than creating art owing to the expertise required to create accurate and well-translated work. It requires experience and special skills of translators to do the job efficiently. Here are the challenges that they face in their path:

Financial rules are subjective to the countries

The financial rules and laws differ based on the countries, which makes it all the more necessary for the translator to have complete knowledge of the financial norms of the particular country they are translating the document for. For instance, in the European Union, the financial and accounting rules are managed based on the imposed standards called IFRS (International Financial Reporting Standards). 

Different meanings of the same financial terms

The meaning of the same financial terms in the same language can be different in different countries depending on the way they are used and the sense they convey. So, a good translator must have complete knowledge of the variance of the financial terms for different countries. 

In the English language, the word stock means both the goods or physical components and the shares of a company in the capital market. So, depending on the way a particular word is used, the same word conveys two different meanings.

Evolving regulations

The world of commerce is constantly evolving, which marks the need for changing rules and regulations in the financial sector. The financial translators should be up to date with changing norms to create legally accurate translated documents.

Maintaining the confidentiality

The financial documents of a company contain information about its finances and numerical data. No company wants to breach the confidentiality of their financial documents, which demands that the translator should be capable of maintaining the confidentiality of the project they are working on or had worked on. The financial translators should be able to work under the guidelines of confidentiality of the company’s professional ethics. 

The best financial translators in the business are the ones who work observing the rules and overcome all the challenges with their expertise and capabilities. They work hard to meet the company’s strict deadlines while maintaining the quality of their work. Financial translation services have become a necessity in the commerce sector.