25th May 2018 is an important date when it comes to EU citizens’ sensitive data. It marks the coming into force of the Data Protection Regulation, designed to enable citizens to retake full control of their personal data no matter which organisation or company has recorded or stored it. The new data protection rules appear to be a key part of the EU’s Digital Single Market, which covers the fields of digital marketing, e-commerce and telecommunications. The European Commission has made it a priority, and financial institutions might reap the benefits of the digital economy in full.
One downside of the new Regulation is that data might be owned by customers all over the world, speaking many different languages. Larger financial institutions combine in-house experts with external suppliers when it comes to translating their documents, particularly the most sensitive ones. In this case it is essential for the client to have a complete view of the translation production chain at all times. Financial institutions often have limited visibility, leading to flaws in management processes involving external suppliers. Additionally, NDAs and specific agreements will no longer suffice once the new Regulation comes into force, and ISO standards 27001 and 9001 do not automatically guarantee the quality of suppliers or their compliance with the specifications.
These indicators might be of help to financial institutions both with translations and data protection:
- ensure that employees do not use online machine translations;
- take care when sending out documents containing personal data;
- be aware of what happens when translations are outsourced and of suppliers’ work processes.
Setting up a central platform to handle translation projects might be a useful solution, as might a robust policy on selecting external translation suppliers.
The best way to avoid these problems is to work with a company like Arkadia Translations: we have years of specialisation in the financial sector and continue to translate highly sensitive data. We are approaching this new stage in the globalisation process with our usual expertise and professionalism.
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Arkadia Translations: Words Connecting Worlds