Treasury teams have always been central to liquidity and risk management, but their remit is expanding today. EY’s Global DNA of the Treasurer Survey 2025, based on responses from more than 1,200 treasurers and senior finance leaders, reveals how the role is evolving and what needs to change for treasurers to deliver on their full potential as strategic value creators.

The research highlights a clear shift in expectations. Once seen as custodians of cash, treasurers are now expected to provide insights that shape organisational growth. That means moving beyond compliance and transaction management to inform decision-making around liquidity, risk and capital allocation.

Casey Kernan, EY Americas Treasury Leader, Financial Accounting Advisory Services, says: “Treasurers increasingly have a mandate to manage risk, optimise liquidity and support strategic decision-making - a far broader remit than in the past. But many are still not fully empowered to deliver on their potential. Closing this gap means giving treasurers the tools to act not just as operators, but as strategic partners, equipped with the insights, technologies and visibility needed to drive long-term value.”

The treasurer as value creator

CFO expectations are rising fast. According to the survey, 84% of CFOs expect treasurers to identify new value opportunities. Yet only 52% of treasurers see themselves as proactive value creators today.

This gap is striking when compared with other finance roles. In EY’s 2024 DNA of the Financial Controller Survey, 60% of controllers described themselves as proactive value creators, notably higher than treasurers. Controllers appear to feel more confident in their ability to add value, underscoring the need for treasurers to enhance their visibility and influence within their organisations.

Treasurers recognise the importance of value creation: four-fifths (80%) say regularly identifying opportunities to create value is either generally or very important. The challenge lies in turning this recognition into practice. Survey respondents identified three primary barriers: managing external relationships with banks or investors (33%), operational responsibilities (33%), and a lack of time to enhance knowledge and expertise (32%).

Transformative treasurers in the top 20% of EY’s index of treasury competencies show what is possible. Among this group, 68% identify as proactive value creators, compared with 52% overall, while 73% are very confident they have the right skills. Their greater confidence stems from deeper involvement in company-wide initiatives and closer collaboration with the C-suite.

Building resilience: financial risk and cash management

One of the clearest areas where treasurers can add value is financial risk management. Yet here too, confidence is patchy. Only 27% of treasurers say their risk strategies are “very confident” in improving organisational decision-making.

Looking ahead, expectations diverge. A majority of transformative treasurers (51%) and nearly half of CFOs (43%) believe treasury will take on a much greater emphasis in managing financial risk. By contrast, just 37% of treasurers as a whole share that view. The mismatch suggests treasurers may be underestimating the future strategic weight of risk management.

Cash management is another area where transformative treasurers are pulling ahead. Just 29% of treasurers overall report having full personal responsibility for working capital and free cash flow. Among transformative treasurers, the figure rises to 42%, underlining their influence on liquidity decisions.

For corporates, the implications are significant. In a volatile economic environment, treasurers who can strengthen resilience through sharper risk oversight and cash optimisation are well placed to protect and create value.

Harnessing the transformative power of data and technology

Data and technology sit at the heart of treasury transformation. Thirty per cent of treasurers rank leveraging data and technology as one of their top three ways to create value, more than any other option. Adoption is already widespread. Eighty-two per cent of treasurers report using data analytics and visualisation tools frequently, and among transformative treasurers, the figure climbs to 97%. Such tools allow treasury teams to move beyond manual reporting towards interactive dashboards and forward-looking analysis.

Machine learning is also beginning to show its worth. Accurate forecasting remains a challenge, as 65% of treasurers admit that their 12-month forecasts are not highly accurate. But those using AI techniques report a 7% improvement in accuracy, helping their organisations optimise use of cash and plan with greater confidence.

As technology becomes more embedded across finance, treasury leaders will need to keep pace. The survey suggests that those who exploit advanced tools gain a tangible edge in delivering insights, driving efficiency and enhancing decision-making.

Nurturing talent and driving collaboration

Alongside technology, talent remains critical. Twenty-six per cent of treasurers and CFOs alike identify talent development, building finance expertise through best-in-class treasury knowledge, as one of the top ways to create value.

CFOs also see strong career potential in treasury. Fifty-nine per cent believe the CFO role should be the ultimate career ambition for a treasurer, while 14% go further, saying the CEO’s job should be in sight. These figures underline how treasury is increasingly viewed as a proving ground for broader leadership.

But gaps remain in leadership skills. Twenty-eight per cent of CFOs think their treasurer needs additional support and training in leadership, compared with only 18% of treasurers who acknowledge such development requirements. The discrepancy highlights a potential blind spot in how treasurers assess their own capabilities.

Collaboration is another differentiator. Transformative treasurers are more extensively involved in company-wide initiatives, working alongside senior leaders to align treasury goals with broader organisational objectives. Their focus on people development, from team building to mentorship, also sets them apart, creating a culture of continuous improvement within treasury functions.

Who are transformative treasurers?

EY’s survey identifies a distinct cohort of “transformative treasurers.” These are treasury professionals who combine technology adoption, data-driven decision-making, risk expertise, collaboration and talent development to deliver stronger results. These individuals represent the top 20% of survey respondents, based on a composite index of treasury competencies.

The characteristics of transformative treasurers stand out clearly:

• Tech-savvy: 62% advocate for new or improved technology at least three or more times per year, compared with 51% of all treasurers.
• Data-driven: 97% use data analytics and visualisation tools, versus 82% overall.
• Risk experts: 72% review risk management frameworks annually or more often, compared with 64% of treasurers.
• Strategic collaborators: 65% are extensively involved in company-wide initiatives, compared with 41% overall.
• Sustainability champions: 59% always support sustainability and ESG reporting, versus 24% of treasurers.
• Mentors and leaders: 49% always engage in team building and career development, compared with 26% overall.

Beyond the numbers, transformative treasurers are defined by their forward-looking mindset. They adopt leading practices to mitigate operational risk, support their organisation’s sustainability agenda, and deliver the liquidity needed to fund investment. They also act as inspirational team players, aligning treasury goals with corporate strategy and cultivating strong internal networks.

Francois Holzman, EY Global Treasury, Commodities and Finance Specialism Services Leader, says: “With the right support, treasurers can be catalysts for change across the organisations in which they work. CFOs have an important role to play here – treasury functions that have the backing and empowerment of the CFO will be the ones that make their mark as true innovators and drivers of strategic growth in an increasingly competitive landscape.”

From custodians to catalysts

EY’s research shows a profession in transition. Treasurers remain anchored in their core responsibilities of liquidity and risk management, but CFOs increasingly look to them as strategic partners and value creators. The survey data shows both the opportunities and the barriers: most treasurers understand the importance of value creation, but only half currently see themselves as proactive in this role.

Technology adoption, risk management and talent development stand out as the levers that will determine whether treasury fulfils its potential. Transformative treasurers demonstrate that, with the right mindset and capabilities, the function can lead on cash, risk, and strategic insight, while playing a pivotal role in supporting organisational growth.

The challenge now is scale. Treasurers across the board will need to overcome operational burdens, strengthen leadership skills, and deepen collaboration with the wider business. Those who succeed will help their organisations navigate uncertainty with greater confidence. In doing so, they can deliver resilience and unlock new sources of value.