Cassa Depositi e Prestiti SpA (CDP) is an Italian financial institution, established in 1850, which promotes the sustainable development of the country, responsibly using savings to encourage growth and employment, and supporting innovation and competitiveness for businesses, infrastructures and the territory.

CDP collaborates with all the main international economic and financial institutions and liaises with similar entities from other European countries. By total asset value, CDP is the third most important banking institution in Italy.

PROJECT OVERVIEW

• Certified translation of CDP’s consolidated financial statements from British English to Simplified Chinese.
• Number of words translated: 121,327 (approximately 551 standard pages)
• The translation was completed in 7 weeks
• The platform CCH Tagetik was used to organise the files

THE CHALLENGES

In order to comply with applicable compliance laws, CDP had very little time in which to deliver the Chinese translation of the Group’s consolidated financial statements.

CDP centralises its data to ensure accurate disclosure and reporting in full compliance with deadlines and regulatory requirements, which meant that each section of the financial statements was uploaded on the platform CCH Tagetik, a Corporate Performance Management software.

Taking into account that changes would be made after delivery to the translation, that the auditors were verifying and approving, we established a streamlined workflow to include these changes, in a precise and consistent manner.

THE SOLUTION

Arkadia assigned the translation to one of its mother tongue Chinese translators who specializes in financial translations.

The translator was given access to the technological tools required to translate the texts, to ensure the highest quality and consistency. These assets (databases and glossaries) are just some of the corporate assets Arkadia has developed over the years.

The translator was assisted at all times by the project manager and Arkadia’s internal technical staff.

THE RESULT

Arkadia uploaded each section of the financial statements translated into Chinese on the platform CCH Tagetik, within the deadlines requested by CDP.

The auditing firm examined the translation, and asked for a number of changes, which were immediately included in the translated files.

Thanks to Arkadia team’s flexibility and readiness to find immediate solutions throughout the project, CDP was able to certify its financial statement within the deadlines.

The collaboration with CDP continues, through a framework agreement signed by CDP and Arkadia.