Our world is increasingly connected, and the impact of globalization reaches organizations in all market sectors. It's easier than ever for companies across industries to operate in any country throughout the world, opening up new market opportunities and chances for high returns. But organizations face a significant barrier to entry when expanding into new markets: language.
Today's global economy does not operate under a single language, and organizations must be able to translate content and key materials with efficiency to comply with global regulations and effectively engage with local customers in new markets.
Localization service providers are in the business of solving these exact challenges, allowing organizations to use digital technology to easily process and translate materials. While this practice is important for organizations in all industries looking to break into new markets, there are two industries in particular where the stakes of accurate and quality translation are particularly high - life sciences and financial services. In financial services, the implications of reporting mistakes are extremely costly, not only with regulatory fines but also with reputational risk. In life sciences, the stakes are arguably even higher where errors in dosage instructions and regulatory documents can potentially lead to loss of human life.
With these high costs and risks as well as the complex regulatory landscape these two industries face, quality translation is essential to maintaining compliant content and documentation. Through the use of third-party language service providers and new digital processes, companies in these high-risk industries are able to streamline the translation process to maintain compliance and avoid damaging errors.
Reducing Risk in Financial Services
The financial services market is a global industry, with many investors and banks looking to capitalize on international market growth. For financial institutions such as banks and wealth management firms, adhering to compliance and regulatory standards in foreign markets is essential, but can be challenging.
In the U.S. market alone, regulation and reporting have increased significantly, and with the implementation of Dodd-Frank, compliance has become a costly operation. According to the Financial Times, top global investment banks have racked up $43 billion in customer reporting fines over the past seven years. Errors in reporting, mistakes in compliance disclosures on websites and incorrect filings can have a catastrophic impact on financial institutions and publicly listed corporations. For example, in 2012, Google released an incorrect and incomplete version of its form 8-K. The corporation was forced to stop trading activity, and shares in the company dropped 9% in value. This is just one example of how the risk of incorrect documentation can significantly impact a company's bottom line when it comes to financial reporting.
Financial institutions can reduce the risk of reporting and compliance errors by partnering with third-party language service providers to oversee the translation of documentation for foreign customers. By enlisting high-quality translation, financial services companies can ensure that compliance language on websites, in the documentation, or even on mobile applications is accurately translated and meets regulatory standards. By outsourcing translation and reducing compliance risk with precise language, financial services companies can more effectively focus on operations essential to their success.
Translation for Compliance in Pharma
The global biopharma industry is a lucrative one, worth over $300 billion per year according to the World Health Organization, and pharmaceutical companies often invest millions of dollars into the development of a single drug. But while pharmaceutical companies strive for high returns, they also face significant risks. Drugs in development have only a 10,000 to one chance of making it to market after successfully complying with stringent regulatory processes. But more importantly, the very nature of the industry means human lives are at stake. There is absolutely no room for error in clinical trial documentation, regulatory submissions or patient dosage instructions, and language in documentation must be translated with 100% accuracy.
Most pharmaceutical companies do not have the expertise in place to accurately translate content, so they are increasingly partnering with translation providers to help them through the regulatory process. Language service providers can translate regulatory documentation, pharmaceutical instructions, and even clinical trial recruitment materials to assist pharmaceutical companies in the drug development process. Relying on high-quality translation is essential for life sciences companies looking to safely and effectively bring their drugs to market.
Streamlining Translation through Digital Processing and Automation
In recent years, digital technology has created a new landscape for the translation process for companies in the financial services and life sciences industries to receive high-quality and accurate translation with greater efficiency. With the extensive management of documentation required in both of these industries, digital processes are a welcome change. Translation service providers can now integrate with connectors and APIs to streamline and even automate the translation process. Content can be stored in cloud-based repositories to allow organizations to centrally manage their translation projects, enabling self-service. Project managers can oversee the translation of compliance and regulatory documentation for multiple markets a time through one interface.
For financial services and life sciences companies, having access to digital solutions enables faster translation of regulatory compliance documentation, which is essential to streamlining business processes. In industries where there is no room for error, digital technology is simplifying the translation process and enabling companies to achieve compliance with the necessary efficiencies to compete - and win - in the global market.