Financial translation - a flying start on board LBBW
Posted July 17, 2013
In spring 2011, all engines were firing as Landesbank Baden-Württemberg (LBBW) recruited a new team to translate its daily financial reports: CLS Communication. Following a thorough assessment, the bank decided in favour of a crew with financial knowledge and expertise, efficient project management and cutting-edge translation technologies.
In spring 2011, all engines were firing as Landesbank Baden-Württemberg (LBBW) recruited a new team to translate its daily financial reports: CLS Communication. Following a thorough assessment, the bank decided in favour of a crew with financial knowledge and expertise, efficient project management and cutting-edge translation technologies. Together the two companies have got off to a flying start.
The project at a glance
LBBW requires a professional all-round language service provider
CLS can readily take on the entire volume, despite short turnaround times
LBBW needs print-ready texts and IT knowledge transfer
CLS offers financial knowledge, quality awareness, the Across system and lean project management
LBBW and CLS are working together closely, integrating systems, processes and external LBBW language experts
CLS experts are processing LBBW's terminology and compiling a set of language guidelines
LBBW Credit Research publishes daily analyst reports, involving 100 pages to be translated into English every week, of which 25–50 have to be done overnight and up to 20 in the space of 5 hours during the day. Time is therefore short.
Annual and due diligence reports, marketing and IT documents, contracts and other correspondence need to be translated into European and sometimes more exotic languages.
LBBW opted to use Across as its translation platform. The provider therefore had to offer Across expertise in project management and in the IT department.
LBBW was keen to retain its existing language experts. The bank therefore required a language partner familiar with the world of finance. The CLS crew was awarded the contract and shortly afterwards, LBBW was ready for take-off.
CLS Communication provided the required resources and systems to the LBBW Group and organised training for those involved, some of which took place on site at LBBW's offices:
Central support is provided by a Corporate Business Development Manager and the entire process is controlled by a Head Project Management
Official Across service provider with technical expertise: CLS offers a fully-trained team of project managers and translators plus experienced language technologists
ISO 9001:2008certified project management
Experienced team to manage recruitment and training of new language experts
Experts in extracting specialist terminology and compiling language guidelines
Reporting according to client requirements
All of LBBW's translation requirements were covered from day 1 of the partnership.
LBBW can rely on the expertise of CLS's team of language specialists and experts in the fields of project management, translation, IT, language technology, terminology, proofreading and copywriting.
CLS Communication acts as an extension of LBBW's in-house language team – with CLS project managers even providing holiday cover.
LBBW can count on CLS's professional and centralized project management team, which oversees every aspect of the complex collaboration process.
"CLS Communication knows exactly what banks expect from a language service provider. They have a sound understanding of the content and can work to tight dead- lines. Moreover, they have excellent staff and are technically well equipped.
CLS Communication provided outstanding support during the implementation of Across. In our daily business, the project management team is always there for us and pro- vides holiday cover when needed. CLS is an open, pragmatic and reliable language partner."
Ute Papadopoulos, Vice President International Services & Marketing, LBBW Stuttgart
With more than 1 million private customers and some 27,000 corporate customers, Landesbank Baden-Württemberg (LBBW) is one of Germany's biggest banks. It serves its clients at more than 200 branches throughout Germany and supports its international clientele with subsidiaries, representative offices and German Centres in 16 locations.
ABOUT CLS COMMUNICATION
CLS Communication is a globally active provider of professional language and technology services to clients in the banking, finance, insurance, telecommunications, life science and legal sectors. The company has an international network of approximately 600 in-house and 2,400 external language experts and uses the latest technology. As a result, CLS can offer its clients a writing, editing and translating service round the clock.