Using The Power Of Risk Management Tools In Translation
While translation is a very advanced and refined process, mitigating risks is one of the main needs of the hour. With an increasing number of documents being translated on a daily basis, there is a burning need for a management tool, which ensures translated documents do not compromise on security breaches, violations of religious beliefs or do not tarnish the intended meaning of the original document.
Numerous Decisions To Be Made Translation, as a process, entails making decisions on various levels. Right from the particular task at hand, to the applicable governing regulations and laws, the requirements of the client, recipients, market, cultural aspects, norms, budget and many more factors, all are to be considered during the translation process. Each day, translators have to make and face these decisions and unless there is a risk management tool in place, making all these decisions becomes very difficult. A comprehensive risk management system enables even potential beginners in the field of translation to avoid repetition of the wheel and learn from previous mistakes made by other translators. Primary Risks
There are five major risks, which can potentially impact the translation industry namely:
- Market risks: Which comprise risks in the market affecting the translation processes and industry as a whole. These include market rivals and fluctuations.
- Financial risks: These cut into the profits of the translation company and some examples include dramatic fluctuations in Forex rates.
- Project risks: These include risks like reliability of the client, software required, difficulty levels of the project, deadlines etc. For example, in the case of a Ukrainian translation, software may not do the job and hence it might need services of a native Ukrainian speaker.
- Production process risks: These include risks faced by role players on a routine basis.
- Product risks: These comprise risks such as formatting, acceptability, DTP issues etc. of translation.
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