As if the long and painful process of Brexit wasn’t enough to cast fear and confusion across international markets, investors and consumers, alike, this year’s global pandemic has sent entire industries spiralling towards decline. The effects of COVID-19 really took hold in Europe in March, which triggered a surge in urgent updates to forecasts despite the fact much was still unknown.
We spoke with our financial translator, Charlotte, who has spent the last 10 years at EVS Translations translating financial content for businesses operating in the investment and banking sectors.
Financial forecasts quickly became outdated
“From the start of the year, I’ve been working on 2019 annual reports and more recently Q1 reports for the first quarter of 2020. But this year’s financial reporting season was different. Our team was inundated with requests from clients for sudden updates. As information about the impact of the coronavirus crisis was becoming apparent in real time, they needed to update their general information and forecasts accordingly. Unlike technical translation, which slowed as factories were being shut down, financial content continued to flow. Companies still have to submit their financial reports on time.
COVID-19 meant the addition of entirely new sections to annual reports
Almost all the reports I’ve translated this year have been noticeably longer. They feature a completely separate section dedicated to coronavirus measures the company is taking and the expected impact of the coronavirus on the company’s business performance. So, although the demand for financial translation is the same (because the companies still have to comply with the same reporting deadlines), there has been an increase in the volume. I expect the reports for Q2 and Q3 and next year’s 2020 annual reports (and perhaps beyond) to follow a similar pattern. There will be larger translation volumes because coronavirus will continue to have a huge global economic impact, so it is a noteworthy subject for businesses and their stakeholders.”
How to control your business’ spend on financial translations
The translation technology team at EVS Translations continues to expand its terminology databases for financial translation and, more recently, databases which relate specifically to COVID-19. These will play a key role for businesses who want to control spend on growing translation volumes. The management and implementation of such databases reduces research time (thereby speeding up production) and also ensures a reduction in the overall volume of brand-new content which needs to be translated from scratch. Translations and all terminology used remain consistent across projects, which means high-quality output plus less post-editing if inconsistencies are found. This helps firms to control spend and even reduce costs.
As businesses expand, enter new markets, or as a crisis hits that triggers a surge in content, EVS Translations can support businesses to manage translation demand while maintaining accuracy and overall quality. Speak with our teams today who will be happy to advise.
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