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Risk Management Solutions

For 12 years, Crimson Financial Translation has ensured client satisfaction by producing the highest quality translated material. In fact, we are the only translation company that employs BackEditing™—a proprietary quality assurance methodology—as part of our translation process. Our commitment to accuracy is why companies like Fidelity Investments, T. Rowe Price, and Sallie Mae have selected Crimson as their preferred translation provider.

To address today's heightened regulatory concerns and provide added quality control and liability protection, Crimson has adopted an ISO 9001:2000 certified translation quality system. Originally designed to satisfy the life-and-death requirements of medical translation, Crimson has tailored the system to address the specific needs of financial services translation while retaining all of the key elements meant to eliminate translation risk.

Consistent with the principles of ISO 14971 (the internationally recognized standard for risk management), Crimson has identified and now actively manages the five key "Risk Factors" of the language translation process. Effectively controlling these risk factors ensures regulatory compliance and provides enhanced liability protection.

Risk Factor #1: Translation and Production Resources

How are production resources located, screened, qualified, and trained? Crimson has a documented system for screening specialized translation resources and other production staff. Our process includes formal testing and evaluation according to an internationally recognized translation quality metric. Additionally, we have an internal audit program that enables us maintain peak production quality. Our process has been recognized by third-party auditors as exceptionally well designed and implemented.

Click here and enter your password to view Crimson's translation testing and evaluation materials

Risk Factor #2: Workflow

Well-designed workflows eliminate handoff errors. Crimson has standardized processes that promote effective project organization and communication. Project Managers receive individual training in our ISO-compliant systems, file management and directory structures are uniform across the company, and daily staff production meetings ensure effective communications.

Risk Factor #3: In-Process QA

A documented quality assurance process is essential for compliance and liability protection. The Crimson system for in-process QA is made up of BackEditing (a proprietary linguistic QA methodology) combined with an internationally recognized translation quality metric. In the absence of this in-process QA, statistics show that you can expect one serious error (which could cause investor harm) and four minor errors in an average four-page document; identifying and controlling translation errors is risk management in its truest sense.

Risk Factor #4: Process Design

Crimson's translation process is designed to eliminate risk at every step. Each activity (translation, formatting, and project management) is supported by process controls, tools, training, and documentation. Quality in each area is monitored through continuous audit (linguistic QA and formatting QA). Crimson's system even guards against "Process Fraud" (all required tasks completed as specified) with signed projected documentation (Risk Management Kit).

Risk Factor #5: Opportunity Risk

Even if you employ the most highly qualified translators and editors, the most thorough QA process, the most capable Project Managers, and the most skilled DTP professionals—even if you do all of these things—eventually a mistake will occur. The important question is: how will your translation vendor respond?

At Crimson we have processes in place that convert problems into opportunities and help us continually improve our system. Based on the model used by medical device companies, our Corrective Action/Preventive Action (CAPA) system documents problems, their corrections, and enforces improvements to the system. We also perform regular internal audits to make certain that our Quality System is performing at peak efficiency.

Feel free to call or email Crimson's CEO, Marc Miller (mmiller@crimsonlanguage.com), or VP of Quality Systems, Kai Simonsen (ksimonsen@crimsonlanguage.com), if you would like to know more about how our ISO-compliant quality systems can provide you with enhanced risk management and liability protection.