From Translation to Certification: The (Cost-Saving) Hybrid Approach to Securities Translations
The securities industry cannot afford any errors - the risk is that a poorly translated phrase can cost more than your reputation.
This inherent challenge in the translation of important documentation is by no means unique to securities.
A Japanese electronics giant, Sharp, learned the importance of properly translated financial statements when an English translation sounded alarm bells about its negative cash flow in a more alarming manner than it should have. While a corrected statement was released a few days later, the damage had been done and Sharp’s stock fell by 10% before slowly beginning its rebound a few days later.
This example serves as a cautionary tale of the high-priced consequences of bad translations. You cannot afford mistakes.
One risk factor for many industries, including securities, is that multi-vendor processes and region-specific regulations can make compliance tedious. The decision to work with a translation partner that incorporates industry expertise while streamlining your translation process is a decision that will ultimately set you and your organization up for success. The risk of incorrect translations drops significantly, all while increasing your ability to cater to nuances of different regional requirements.
Easing the challenge further, hybrid translation solutions are now available that offer the industry-expertise of professional translators with the speed and efficiency of A.I. translations. These solutions will not only save you time and money, but potentially your reputation on a global scale.
Financial translations can be a challenge for any organization, particularly for those in the securities industry. A major concern is the consistent management of the copious amount of documentation. Moreover, the mass of documentation is required to adhere to regulatory standards, making their translation extremely time-consuming. Considering the many differing local, regional, national and international levels, compliance with these strict legal and regulatory frameworks can be difficult to navigate.
The use of professional translators can be an invaluable resource when navigating these complex conditions, particularly when they bring a degree of subject matter expertise. When selecting a translation solution or partner, ensure they offer securities-certified translators who can aid you in this area.
To complicate matters, time is a crucial commodity that securities organizations cannot afford to waste. Ensuring the many necessary documents are not only properly translated, but accurately filed on time is a major concern of securities professionals. Ongoing rigid deadlines throughout the year establish a constant need for documents to be translated, edited, reviewed, refined, and approved before submitting them to the necessary authorities. Many who are familiar with this process can relate to the stress it can cause, as endless hours of work are required to prepare the documentation to adhere to the time constraints.
When navigating time constraints, employing a professional translation service might not be the optimal solution. Rather, sourcing an appropriate A.I. translation solution would provide more value. A.I.-enabled translations can be extremely fast, producing up to 30,000 words per minute. Although A.I. is incredibly efficient at translation, a human-in-the-loop model is recommended to review translations for consistency and accuracy.
While A.I. is now playing a pivotal role in translations, the professional touch remains crucial. The introduction of A.I.-enabled translations in the securities industry has signaled the dawn of a revolutionary shift. For instance, a team of professional translators equipped with Canadian Securities Course (CSC) certification and specializing in the securities industry offers expertise that an A.I.-only translation solution simply cannot offer. With industry knowledge of regulations, stock markets, chartered banks, and everything in between, a purposefully trained and experienced translation team, like the one we have built over the last two decades, helps to ensure accuracy and reliability, while getting you and your organization exactly what you need.
With that in mind, A.I. software can support professional translators in order to increase their output. Specialized A.I. solutions can be tailored to understand your unique business needs. This can include the recognition and correct translation of industry-specific abbreviations or the consistent use of the preferred terminology with which you need to operate on a client-by-client or region-by-region basis. More specifically, SEDAR, financial, and regulatory languages are things that can be programmed into machine learning. With rapid learning abilities, A.I. also adapts quickly, enabling it to deliver continually improving consistency and accuracy, from one project to the next.
The modern translation team knows how to leverage A.I. translations to improve their efficiency, all without losing the human touch. This is why more forward-looking organizations are making the shift, adopting A.I. for their in-house translation teams or outsourcing their translations to teams that can leverage both professional translators and A.I. alike.
Through the fusion of A.I.-enabled translation and the industry expertise of our professional translators, we are proud to play a key role in reshaping the securities translation landscape. When using a purpose-built, industry-trained solution, like the Alexa Translations A.I., the advantages are clear: cost and time savings, improved efficiency, and enhanced accuracy that facilitates compliance with all regulatory and language requirements.
As we continue to see increased adoption of the hybrid approach to translations, the securities industry is perfectly poised for increased efficiency, cost savings, and heightened precision in delivering consistent translations that meet global regulations.
To experience the Alexa Translations difference for yourself, get in touch today to request a FREE 30-day trial of our award-winning solution.
