Editorial

Shaping up for the future

Treasury teams have played a vital role in steadying the corporate ship in the months since tariff and trade uncertainty threw companies’ supply chains and working capital priorities into a state of flux.

This edition’s Insight and Analysis feature dives into the longer-term themes that have begun to emerge from tariffs. For example, we find that corporates are diversifying their supply chains and sources of demand, and more companies are starting to explore migrating from traditional manufacturing to sell products under leases or as-a service to better navigate tariffs. More than ever, treasury is prioritising cash management and supply chain transparency in a welcome boost to the importance of ESG.

Trade finance products also provide risk mitigation and there is certainly a perception that maybe the world has got riskier. This edition’s Question Answered calls on three treasury and trade experts to explain how trade finance and insurance is supporting business stability, offering risk coverage and real-time insights in today’s challenging trade environment.

And the new state of play has certainly put liquidity, the life blood of the organisation, centre stage. In a timely Back to Basics feature we explore how managing it effectively is central to the treasurer’s role, discussing the purpose of liquidity optimisation, the possible obstacles that need to be addressed, and the structures and technology that can help companies make the most of their liquidity.

Our Corporate View features Aditi Agarwal who discusses her experience of setting up a new treasury from scratch following the spin-off of GE HealthCare as a standalone business in 2023. She also explains why it’s essential for modern treasury professionals to build connections across the organisation. This edition also gets the low down on career highs from Daria Severina, Director Treasury, ASML. She reflects on the benefits of stepping outside your comfort zone, seeking new challenges and building a network across the organisation.

Our risk management feature explores developments in KYC. We find a recognition amongst treasury of the value of KYC processes – alongside a healthy dose of enduring frustration with inconsistent bank requirements.

And last but not least – we find treasury salaries have picked up in most markets. However, recruiters note a demand pyramid impacting renumeration at the top and warn that companies have adopted a cautious approach to hiring and finding the skills they require, particularly prioritising data expertise. Meanwhile, tariffs and trade uncertainty are impacting company’s appetite to recruit.