Past issues

Technology and the treasurer. Are new risks and new rewards the new normal? Technology is touching everything that we do in our working lives – and treasury is no exception. But if this is the new normal, then what’s next? This is the question we pose in our main feature article – the new opportunities and threats of technology in treasury.

Recent upheavals in the global political and economic order are having an impact on how treasurers now see their roles – whether that’s focusing on recruiting and retaining an increasingly restless workforce or embedding environmental, social and governance principles into all aspects of the organisation, the treasurer is on the front line of building resilience.

With Brexit settled and progress made on COVID-19, many of us would be forgiven for thinking the storm had passed. But then global supply chains fell victim to COVID-aggravated assault and, combined with a combustible mix of other factors, inflation, the beast that some legislators thought had been slayed forever, raised its head.

Over the past 18 months lessons about business and the world of work have accelerated for all of us. The COVID-19 pandemic has challenged our thinking. And while our current experience has no exact parallels and the social and emotional impacts have been profound, treasurers remain on the front line, testing ideas and finding solutions.

If we are to address the climate crisis, start to reverse decades of industrially inflicted damage and make our collective way to the UN net zero emissions target, we will need common will and support from governments, regulators, businesses and individuals. The business world, in particular, has an important role to play.

Our theme for this issue of The Treasurer is restart and recovery. Comparisons between our economic situation today and the experiences of 2008/9 are rife. Initial reactions last year – to shore up liquidity, tap or extend existing facilities and secure new lines of funding, however, quite quickly gave way as governments stepped in to calm markets and support commercial organisations.

Welcome to the new normal, the next normal, the great reset or pandemic age. However we characterise or label them, our current circumstances continue to present unfamiliar challenges and new tests on our stamina – ours and that of our organisations, colleagues, households and governments.

What have we learnt from 2020? Many millions of words have been written and uttered about a year that upended just about all received wisdom on how we work and how we function together. And yet, I suspect, many of us are shaking our heads over the sheer scale of unanswered questions.

If any executive teams or senior managers had any doubts around just how much they would need to ‘lean in’ to employees’ lives and wellbeing, those doubts have surely been put to bed by the pandemic.

As I write this, the course of Brexit remains just too close to call. UK prime minister Theresa May has put the deal she negotiated with Brussels to successive votes in the House of Commons only to see decisive defeats against both her agreement with the EU and her back-up plan to leave the EU without a deal.