Impact of risks on foreign economic activity of a company caused by translation inaccuracy

This paper deals with the issue of the impact of risks on the conducting foreign economic activity of a company caused by the translation inaccuracy. In particular, the authors of the paper pay attention to the effectiveness of the negotiation process. The effectiveness of the negotiation process with foreign business partners depends on our awareness of national particularities, traditions and customs of participants in negotiations. At the same time, it is extremely important to take into account and understand their socio-cultural characteristics, psychology, habits, sign and body languages, as it helps to find faster a common contact with foreign business representatives, to create a pleasant impression of you. It assists the cooperation both at the stage of the negotiation process and during the implementation of joint projects. Successful formation of contracts and further success of foreign economic activity of a company depends on how correctly will be carried out the negotiation process. Understanding the culture of a foreign business partner is the interpretation of the behavior needed for identifying relationships reflecting values-based norms. The absence of this understanding or making errors related to this issue provokes the risk of reducing the number of concluded profitable contracts, which ultimately reduces the efficiency of foreign economic activity of a company. Therefore, it is important to study these issues and to develop common approaches aiming at risk reduction caused by violation of business communication with foreign partners.