For staff of multinational companies who want to translate a simple phrase or word, systems like Google or Microsoft come in just handy. They help you order a taxi in Japan, pay your restaurant bill in France, and impress your clients with a hearty “jó reggelt” (“good morning”) in Budapest. The problem is such tools are notorious for imprecise translations and data leaks.
Would you really want to use Google Translate for that internal email to your affiliates in another country?
On the other hand, research from the European Parliament shows that on average a common language increases trade flows by 44%. So, how do you – and your staff – hack through language barriers and achieve professional communication in the business world?
Regulatory compliance is expensive, but the cost of compliance related failure is much higher. The top US banks paid out fines amounting to $204 billion in 175 settlements dating back to 2009*. It is challenging for banks and financial institutions to adapt to the complexities of regulations in a global marketplace. Policies need to support the modern pace of transactions and international trade. Therefore, compliance professionals and the tools they use have an increasing need to make sense of communications or data in foreign languages.
Current software platforms address the need to understand, analyze, and review archived communications proficiently in English. However, a critical subset of that content happens in foreign languages that most of the existing platforms do not handle. The key to ensuring compliance of data in foreign languages is being able to perform
real-time translations at scale, either as a stand-alone capability or an integrated function of the review platform. No textual data – no matter its language – is left out of the monitoring or review processes.
In the world of risk management, the focus areas below are becoming increasingly multilingual and require a consistent effort to ensure sustained compliance:
Trading communications and conduct
Insider leaks, business conduct, and HR issues
Corporate social media policy
REAL-TIME MACHINE TRANSLATIONS FOR RISK ASSESSMENT PROCESSES
SYSTRAN’s real-time translation supports multilingual data compliance with class leading performance in data centers and enterprise networks around the globe. The incremental capabilities and gains include:
Automated or on-demand machine translation (MT)
of the messages for review, audit, or discovery processes
Identify the foreign languages in messages at volume and scale
Store translated files for audit or review cycles
Increase productivity and optimize cost simultaneously with MT technology in comparison to acquiring human translation resources
Streamline workflows by eliminating deviations to ad-hoc processes just to discover content in other languages
Increase workflow efficiency by integrating MT capability into the workflow that is designed for one language
SYSTRAN has been helping commercial, defense, and national security organizations capture mission-critical data for the last 49 years. We operate globally with locations in Americas, Europe, and Asia.
As the first software company to introduce Neural Machine Translation technology, SYSTRAN is continuing to lead the innovation in language technologies. SYSTRAN’s brand new Purely Neural Machine Translation (PNMT) products utilize Neural Networks and Deep Learning algorithms to achieve unprecedented translation quality that is near human translation levels.
SYSTRAN, a global leader in language translation technology, will showcase its newest translation software, Pure Neural Machine Translation, at FIBA AML compliance conference in Miami, FL, March 6-8.
Harvard partnered with SYSTRAN to develop the next generation of AI-based Language Translation that runs on Neural Networks. They call it Pure Neural Machine Translation (PNMT). SYSTRAN will sponsor FIBA AML to showcase how PNMT is helping companies solve the linguistic challenges related to multinational compliance and AML.
“PNMT is giving the banking industry a more powerful tool to maintain compliance, even when working with terabytes of data stored in multiple languages around the world,” says Ken Behan, Vice President of Sales and Marketing of SYSTRAN.
The PNMT engine is revolutionary in that it processes an entire sentence or paragraph in the context of the overall document topic, instead of translating segment by segment. This creates a far more accurate output than ever before seen with machine translation, especially for Asian languages. For compliance, accuracy in translation is important in being able to flag issues or suspicious transactions.
SYSTRAN’s software provides the ability to perform machine translation on both audio and text in 45+ language pairs.
SYSTRAN’s team is setting private meetings for an exclusive view of the PNMT concept and how it can be utilized by compliance teams.
It happens all too often: employees unknowingly put their company at risk of a security breach by putting confidential information where it doesn’t belong.
In 2015, The Open Security Foundation estimates that there were 1,472 incidents involving the theft or exposure of personal, confidential or proprietary data in the United States alone. Many of these incidents involved the leak of personally identifiable information, including names, birth dates, email addresses, social security numbers, bank account information, home addresses, employment records and even income data. Millions of customers, patients and employees have been affected by these leaks.
Despite IT’s diligence in protecting data, many times employees are the ones putting the data at risk. According to a study released by the Identity Theft Resource Center, approximately 15 percent of data breaches in 2015 were caused by employee error or negligence.