The importance of globalisation is growing all the time. There is also an increasing amount of work to be done by financial inspectors, directors or chief accountants of companies that have been acquired or cooperate with multinational corporations. Today, financial translations are essential to ensure that communication can be carried out correctly.
Although in the past it was sufficient to submit local reports with corrections appropriate to foreign realities, today more and more reliable and extensive financial reports are required. Financial translations must always be unambiguous and very precise.
Interpreters are essential in international trade and there are no signs of change in this regard. Globalisation is progressing all the time, and billions of transactional documents are created every day that require translation. It is worth keeping up to date with the latest news in the field of international trade. These include the development of the second wave of emerging markets and the uneven distribution of economic equilibrium.
The task of a foreign trade translator is to help to quickly reach an agreement between the two parties to the transaction. The amount of work is constantly growing, because every day the number of transactions on international markets is growing. Foreign trade is an industry that is growing rapidly, but customer preferences are changing all the time.
Financial services are various activities related to finance. These include asset and investment fund management, banking, intermediation, brokerage, brokerage services, foreign exchange, etc. These areas are very often based on international contacts, which requires the help of translators.
Insurance documents are very difficult for financial translators. Currently, the Solvency II system is being implemented, whose task is to unify reporting methods for insurance companies all over the world. It will depend on the amount of capital depending on the size of risk taken by the companies. It shall take into account reporting standards in accordance with the requirements of the IASB.
The new guidelines must, of course, be read by the translators.
A lot of orders for translators also generate asset management or investment funds. From June 2011, fund divisions are obliged to replace the previously used documents describing the procedures with detailed reports on each category of entities of a given fund. They must be published in at least one of the languages of the country where the fund is sold.
The public sector is always controlled by state, state or regional authorities. They do not seem to be the main buyer of financial services. In practice, however, they are increasingly often held accountable for their actions and financial decisions. They are also subject to foreign investments. This is why the number of documents issued by the authorities is increasing. In addition, most euro area countries want to present their achievements to the international public on a regular basis, which requires the help of interpreters.