Financial translations for a world-wide recognized art collection

About the Palazzo Grassi & Punta della Dogana

Inaugurated in 2006 and 2009, Palazzo Grassi and Punta della Dogana are two museums in Venice that share with the public the knowledge and love for contemporary art through the extraordinary Pinault Collection.

Here comes the client's testimonial for this project.

Project overview

Palazzo Grassi e
Punta della Dogana

Fine Art
+1700 works of art
+320 artists

Language
solutions

300,000 words yearly
3 Language combinations

We translate an average of 100,000 words per year of financial documentation.

Like other cultural venues in Venice and the rest of Italy, Palazzo Grassi and Punta della Dogana attract international visitors from all over the world. Given its global audience, one would tend to think that most translation needs come from content around the works of art and exhibitions — however, financial statements and reports represent an equally large volume.

Unlike public Italian museums which are managed by the Ministry of Cultural Heritage and Tourism and are not obliged to draw up their own financial statements, private museums institutions do need to do so (around 40% of the museums that are in Italy are private institutions): they have to keep an accrual accounting and have legal autonomy which implies to issue specific documents, such as financial statements, management commentary, and internal auditing.

By the end of every fiscal year, they need to work around the clock to submit this documentation. In order to meet the tight deadlines, preparations work start a few months before but could be subject to delays if translation efforts are not properly considered during the planning phase. Such is the case of Palazzo Grassi and Punta della Dogana.

Yellow Hub TDR Language Solutions

Types of content localised

Translated file formats

Other translation challenges

Tight deadlines

During peak season, business becomes especially fast-paced and constrained by time. The amount of translation volume increases exponentially as companies allocate their efforts to having their financial statements ready on time. It could well happen that during this time of the year the greater part of trusted translators and reviewers are already fully booked.

Privacy

Financial documents disclose private corporate information. A serious language partner needs to guarantee it can safeguard the client’s data. It is important to agree on secure translation workflows and have translators and interpreters sign non-disclosure agreements.

Terminology

Nuances in finance are very intricate and unique, this is why terminology is one of the major hurdles. Some words like “smart contract” or “mining” may sound straightforward, but in fact, in the financial world, they have an entirely different meaning.