Technical Writing in the Financial Industry, Part I

By Sandhya Larsen, Senior Member, Orange County Chapter

Knowledge of Sarbanes-Oxley required.

Expertise needed in loan origination and mortgage litigation.

Prefer business analysts who are technical writers.

These are just a few sample requirements found in job descriptions that were recently posted by local financial companies looking for technical writers. As a senior technical writer and job seeker, I’m intrigued by the employment potential for writers in the financial industry. If you share my interest, please read on to learn more about the various types of financial companies and the opportunities now being offered to qualified members of our profession.

Financial Companies and their Business Processes

Financial companies come in all shapes and sizes. Some offer mortgage lending only or investment management only, while others offer a broad range of services which can include banking, insurance, loans, investments, mergers and acquisitions, trusts, estate planning, and more. And let’s not forget that large companies whose primary business is not financial must nonetheless operate internal financial departments.

Like most large corporations, financial companies engage in multiple, complex business processes. These include industry-specific processes such as loan origination, and general processes such as human capital management. Today, corporate-level executives are taking unprecedented steps to effectively manage the business processes of their companies. Many are now implementing comprehensive enterprise systems such as Peoplesoft or Oracle which offer customizable, interactive modules for managing every significant business process.

One of the motivators behind the heightened U.S. interest in improved business process management is the Sarbanes-Oxley Act of 2002, enacted in the wake of large-scale accounting scandals that involved some of America’s best-known corporations. Sarbanes Oxley, or SOX as it is called by industry insiders, requires companies to carefully document their financial processes, and be prepared for periodic audits.

User documentation and training materials for enterprise software modules, and reports that meet SOX requirements, are generalized examples of financial writing tasks that may need to be done at any company. Many more writing projects are now being done at specific types of financial companies, and the following paragraphs examine a selection.

Writing for a Mortgage Lending Company

The primary business of a mortgage lending company can be summed up as loan origination. This process includes all of the steps that lead to placing a loan on the books:

Solicitation of the customer.
Application processing.
Credit evaluation and background check.
Appraisal and title search.
Loan package selection and closing.

Have you ever been on the phone with a loan officer, applying for home refinancing or an equity line of credit? Perhaps you were aware the loan officer was using a software application that allowed him or her to enter your data and calculate numbers such as your estimated monthly payment with two or three refinance options.

Behind the scenes, the loan officer must clearly understand company policy toward all levels of customer interaction, and must follow specific procedures for qualifying applicants and matching them with appropriate loans. Typically this knowledge is conveyed through training programs, policy and procedure documentation, and help systems or printed user manuals for software applications. Some mortgage companies expect their financial experts to develop these materials themselves; some realize they will get better results if they hire technical writers to help; and others appear to be confused about the issue. Diane (fictitious name) is a technical writer who is currently employed by a leading Orange County mortgage company. When Diane was hired one year ago, she had no financial background. Over time, she learned industry jargon and acronyms, and came to understand what she termed the "paper flow" through the organization that occurs when a mortgage is sold. Diane’s managers now believe they should hire only writers who have previous financial experience, and as a result, they are hiring people who have financial knowledge but no writing skills. Diane is now very busy teaching these employees how to write.

Writing Positions at a Mergers and Acquisitions Firm

To understand what a mergers and acquisitions (M&A) firm does, I had to look up the terms in an online investment dictionary. In a merger, two companies are combined. In an acquisition (takeover), one company purchases all or a majority interest in another company and takes controls of its operations. Where does technical writing fit into this picture? To find out, I interviewed Richard Stone (fictitious name), a vice president at an investment banking company that manages mergers, acquisitions, and divestitures for the private middle market.

By talking with Richard, I came to understand his firm’s business model as follows. The sales process is initiated through seminars that show potential clients how to get the best valuation for their companies. An internally developed software system is used to schedule the seminars, book prospective clients and make their travel reservations, and manage billing. When a sale is made, the client company is thoroughly analyzed and a company valuation document is prepared. Additionally, the client may purchase marketing services to find potential buyers.

Richard acknowledged his firm employs writers in several capacities, but did not feel comfortable categorizing all of them as technical writers. He expressed the opinion that technical writers develop system and software documentation, and business writers have specialized financial knowledge along with general writing skills. My research indicates that other companies use the title business analyst or financial analyst to describe this position, and the people who bear it are expected to have excellent communication skills.

According to Richard, contract technical writers documented his firm’s software booking system, and they write marketing communication materials as well. Graphic designers create seminar presentations using PowerPoint, in cooperation with seminar leaders and other company experts. Business writers originate the text for company valuation documents and draft legal contracts, and these projects each require different, specific financial expertise. Technical editors support the writers with editing, rewriting, and proofreading to ensure accuracy, consistency, and adherence to style guidelines. It wouldn’t surprise me at all if the career path for technical editors at this M&A firm includes advancement to the position of business or technical writer!

(Editor's note: Part II of this article will appear in the August edition of Rough Draft. The article was originally published in Steps & Specs, the newsletter of the STC Policies and Procedures SIG, and Techniscribe, the Orange County Chapter newsletter.

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