International markets are increasingly converging. Globalisation has given companies new business opportunities. However, it has also shown how important it is to comply with national and international legislation. Statutory violations in many areas such as production, marketing and the treatment of employees not only have a negative impact on a company’s finances – it negatively affects its image too. Therefore, compliance has played a key role in corporate management for a long time and this particularly applies to globally operating companies. Corporate compliance catalogues should be given to an experienced team of translators to ensure that key regulations are observed, also at branch offices abroad. But who qualifies as a good compliance translator?
Compliance is an important issue worldwide
Compliance measures should not only ensure that statutory provisions are observed. They must also address the way in which a company conducts its business with partners, how it presents itself to the outside world and the moral and ethical purposes it serves in its operations. The burst of the dot-com bubble in the United States in 2002 shows how important this is. As the industry was shaken by numerous accounting scandals at a number of allegedly renowned companies massively deceiving its investors, the Sarbanes-Oxley Act was introduced. This act established binding rules of conduct designed to prevent corruption and promote transparency and fairness in the world of finance, which was the only way to regain the public’s trust in this sector.
Therefore, establishing certain rules for the industry and within the company is a lot more than simply fulfilling legal obligations. This is a measure without which sustainable business relationships would hardly exist.
The challenge of compliance translations
To ensure that internal and external corporate rules are observed in daily operations, relevant provisions in special catalogues must be complied with and implemented by designated compliance managers. Companies with international locations are faced with the challenge of conveying their provisions correspondingly in the respective target language.
This is a task that brings with it many risks. For instance, certain terms in the financial industry need to be adapted to international standards to avoid any misunderstandings. In any case, a word-for-word translation is often erroneous, hard to understand and correspondingly difficult to implement. A compliance translation requires a certain mastery and understanding of linguistic nuances, which only a professional translation company such as EVS Translations can provide.
Employees working at EVS Translations are aware of the specific requirements to be observed in compliance translation. In this context, the company relies on its 25 years of experience in the industry and refers to its Bulgarian and German translations of the Sarbanes-Oxley Acts, which is still considered as a key reference text in the area of corporate compliance.