As of January 3rd 2018, companies in the financial industry operating in Europe are required by law to fully comply with the new MiFID II regulation. A good portion of the new rules requires translating various documents for a multilingual audience.
With that in mind, here are four reasons why you need neural machine translation to help you lead your compliance project to success:
1 – Effortlessly translate detailed information on tons of transactions
2 – Easily provide investors with multilingual research reports and articles
3 – Produce E-Learning and other company material to educate employees across the EU on complying with these new regulations
4 – Translate contracts and other official investment documents
This is the final post for the 2017 year, a guest post by Jean Senellart who has been a serious MT practitioner for around 40 years, with deep expertise in all the technology paradigms that have been used to do machine translation. SYSTRAN has recently been running tests building MT systems with different datasets and parameters to evaluate how data and parameter variation affect MT output quality. As Jean said:
” We are continuously feeding data to a collection of models with different parameters – and at each iteration, we change the parameters. We have systems that are being evaluated in this setup for about 2 months and we see that they continue to learn.”
This is more of a vision statement about the future evolution of this (MT) technology, where they continue to learn and improve, rather than a direct reporting of experimental results, and I think is a fitting way to end the year in this blog.
It is very clear to most of us that deep learning based approaches are the way forward for continued MT technology evolution. However, skill with this technology will come with experimentation and understanding of data quality and control parameters. Babies learn by exploration and experimentation, and maybe we need to approach our continued learning, in the same way, learning from purposeful play. Is this not the way that intelligence evolves? Many experts say that AI is going to be driving learning and evolution in business practices in almost every sphere of business.
SYSTRAN’s solution are used every day by various types of companies across many industries to get the most accurate and secure automatic translations on any type of content – from sensitive documents to websites to mobile apps and much more. We’d like to focus today on how one of our clients – Alvarez & Marsal, a consultancy firm- uses SYSTRAN’s platform to manage eDiscovery projects with the highest efficiency and accuracy.
The processes and tools used in eDiscovery scenarios are, most of the time, quite complex given the large volumes of electronic data produced. Unlike hard-copy evidence, e-documents are a lot more dynamic and contain various metadata that demand the highest translation quality in order to eliminate any claims of spoliation at any time in a litigation case.
Phil Beckett, the firm’s Managing Director, who has recently been named ‘Investigation Digital Forensic Expert of the year’ by Who’s Who Legal is talking to us about how SYSTRAN’s solutions plug into their internal processes to manage their projects end to end.
Phil Beckett – Managing Director at Alvarez & Marsal
When a global enterprise gets sued, it’s vital to know who is involved and how. But finding out who to blame isn’t always simple.
Global law firms are tasked with sifting through thousands, sometimes millions of emails, chats, and legal documentation during eDiscovery. These documents and audio recordings could be in many different languages and stored around the world. Sometimes that data is stored in countries with strong data protection regulations, such as Brazil and parts of the EU, so it cannot under any circumstances leave the country.
So, how can an office in the U.S. review hundreds of days of correspondence in multiple languages?
If the firm hires translators, they’ll need dozens with a strong knowledge of everything from slang to deep subject matter expertise of the topic in discovery. If instead they decide to go with an e-discovery translation solution, they’ll still need help during the review process, especially for data in Asian languages – there are several ways to interpret one word, for which there may be five slang alternatives. In either case, the team must spend a lot of time and money to get reliable and accurate results.
Lean Manufacturing involves constant efforts to eliminate or reduce ‘muda’ (Japanese term defining waste or any activity that consumes resources without adding value) in design, manufacturing, distribution and customer service processes.
As an operational system, Lean Manufacturing maximizes added value, reduces essential support and eliminates waste in all processes throughout the value chain. Waste in this regard may include over-production, inventory tasks, waiting time, correction, transportation and over-processing.
In summary, the equation for Lean Management is: Increased profitability equals increasing prices or reducing costs. A big part of the cost is the turnaround time between an order being placed and when it is shipped.
What is your Manufacturing Lead Time from the placement of an order to shipping? What would you expect as the standard for your business? What do you foresee as a likely evolution for both you and your customers? Continue reading →
The world has become a global village: electronic commerce is truly international and must be standardized
The 2nd Logistics Information Standardization Forum held in Seoul, South Korea on September 2016, brought together a host of actors in an effort to standardize international logistics information as a key factor in improving logistic processes in business. The forum put forth the creation of an international consensus for a cooperation system on international logistics information.
At the AFNET association, we promote and develop such standards so as to improve relationships between organizations and enterprises. Standardizing electronic commerce for logistics means defining a common document structure for order processing transactions and product deliveries.
by Kirti Vashee on eMpTy Pages, a blog about translation technology, localization and collaboration
Recently, I had the opportunity and kind invitation to attend the SYSTRAN community day event where many members of their product development, marketing, and management team gathered with major customers and partners.
The objective was to share information about the continuing evolution of their new Pure Neural MT (PNMT) technology, share detailed PNMT output quality evaluation results, and provide initial customer user experience data with the new technology. Also, naturally such an event creates a more active and intense dialogue between company employees and customers and partners. This, I think has substantial value for a company that seeks to align product offerings with its customer’s actual needs.
Ongoing Enhancements of the PNMT Product Offering
The event made it clear that SYSTRAN is well down the NMT path, possibly years ahead of other MT vendors, and provided a review of the current status of their rapidly evolving PNMT technology.
Round-trip translation (RTT), also known as back-and-forth translation, recursive translation and bi-directional translation, is the process of translating a word, phrase or text into another language (forward translation), then translating the result back into the original language (back translation), using machine translation (MT) software.
It is often used by laypeople to evaluate a machine translation system, or to test whether a text is suitable for MT when they are unfamiliar with the target language. Because the resulting text can often differ substantially from the original, RTT can also be a source of entertainment*.
Following the publication of the Basel (II and III) and Solvency Regulations, implementing Governance, Risk and Compliance (GRC) practices within financial institutions has gained predominance. To meet the challenges of data governance stated in the pillars of these regulations, companies have multiplied their efforts to recruit the best in GRC concerning Risk Management, Internal control, Internal Audit and Compliance.
According to a study conducted by the consulting company Optimind Winter and mandated by the Observatoire des métiers de la Banque (Banking Career Observatory), “Banking companies are also victims of new risks and must create new job profiles to deal with these new challenges. GRC departments must face new challenges, such as coverage of systemic risk, development of Cloud Computing or Mobile Bank (technological nomadism).” Here, we refer to digitalizing the banking sector and using the Internet to manage personal bank accounts. Banks and insurance companies have thus implemented solutions to protect their customers’ data against cyber-attacks. While the efforts made to secure customer data have proven effective, the threat now lies within financial companies in their daily workflow.
Along with new working methods, a new phenomenon has emerged, known as “Shadow IT,” which is any application or method of transmitting information used in a business process without the endorsement of the internal IS department. Often unaware of its existence, IT departments don’t provide any support. Such processes generate "informal" and non-controlled data that can contravene existing standards and regulations such as Basel and Solvency. Continue reading →
La mise œuvre de pratiques industrialisées de « Gouvernance, Risques et Conformité » (GRC) au sein des institutions financières, a pris une place prépondérante depuis l’implémentation des réglementations Bâle (II puis III) et Solvabilité. Pour répondre à l’enjeu de bonne gouvernance des données, stipulé dans les piliers de ces réglementations, les entreprises multiplient les efforts pour recruter les meilleurs dans le domaine de la GRC – Gestion des Risques au sens large, du Contrôle Interne, de l’Audit Interne et de la Conformité.
Selon une étude de l’Observatoire des métiers de la Banque réalisée par le cabinet de conseil en gestion des risques Optimind Winter[i], « […] Les banques sont également victimes de nouveaux risques et doivent se doter de nouveaux métiers afin de maîtriser ces nouveaux enjeux. Les métiers du Risque et du Contrôle dans la banque doivent faire face à de nouvelles problématiques, telles que la couverture du risque systémique, le développement du Cloud computing ou de la banque sur mobile (« le nomadisme technologique»)… ». Il est ici fait référence à la digitalisation du secteur bancaire et l’utilisation de plus en plus courante d’Internet pour gérer ses comptes en tant que particulier. A ce titre, les banques et assurances se sont prémunies d’outils pour protéger les données de leurs clients contre les cyberattaques. Si les efforts réalisés en matière de sécurisation des données clients sont avérés, la menace réside à présent au sein même des entreprises financières, dans leurs flux de travail quotidien. Continue reading →