Here's how it breaks down:
* Trans - The "a" in "trans" is pronounced as a schwa sound (ə).
* Paren - The "a" in "paren" is pronounced as a schwa sound (ə).
* Cy - The "y" in "cy" is pronounced as a long "i" sound.
Therefore, the pronunciation of "transparency" is roughly: trans-par-ən-see.