ASSESSMENT CRITERIA OF PROJECT RISK MANAGEMENT IN LANGUAGE TRANSLATION SERVICE COMPANIES

Asta Zaveckaite,Aurelija Ulbinaite

doi:10.3846/20294913.2017.1295287

Asta Zaveckaite, Aurelija Ulbinaite

Open Access

https://doi.org/10.3846/20294913.2017.1295287

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Abstract

Risk management in translation service companies is an effective, integrative, proactive way to handle risk. Such companies must integrate defined long-term risk management into their strategies, decision-making, and daily processes; top-management must fully support the risk management system; risk factors, management benefits, and processes require articulation amongst employees; job roles, responsibilities, performance evaluation, and motivation systems must incorporate risk management practices. Risk management in project-based companies might also account for changing clients’ requirements, tight deadlines and budgets, different participants, and high IT use. However, this requires identifying the critical success factors. The research method builds upon the analysis and systemization of the scientific literature – from risk management, emphasizing the underlying strategic approach and effective management, to deriving the focal-points of effective risk management of translation projects. This work unifies the gathered knowledge and results in a conceptual model that integrates the specific assessment criteria for project risk management in translation companies – process definiteness and versatility, responsibility definiteness, top-management involvement, and risk management communication. The operationalisation of the model may lead to the companies’ critical success performance. To the best of our knowledge, this work is one of the first contributions addressing risk management assessment criteria in this industry.

Highlights

The relevance of risk management to the success of companies’ daily operations is widely accepted
The components of the assessment criteria of translation project risk management are identified based on the ideas presented in the scientific literature that have been discussed above; we propose a specific contribution in the form of two extra criteria, namely “unique/typical risks” and “stakeholder impact”, which were added to fit the specificities of risk management in language translation service companies
By ensuring the proper implementation of the given set of criteria, translation companies could expect delivering their projects in terms of planned timeframe, budget and quality requirements

Summary

Introduction

The relevance of risk management to the success of companies’ daily operations is widely accepted. Companies may ensure more stable activity and better financial results The research method consists of the analysis and systemization of the scientific literature This results in a conceptual model of the assessment criteria for project risk management in language translation companies. Research limitations: the current research study does not focus on or include an analysis of translation problems from a linguistic point of view per se, i.e. it does not cover risks that may be caused by translation and linguistics-caused errors and misunderstandings, their management and assessment of their management

The essence and contents of risk and risk management concepts

The contents of strategic risk management approach

Constituents of effective risk management

A model for the assessment of language translation project risk management

Conclusions