How to integrate treasury management into strategic decision-making
Natalia Roudakova, Head of Back Office, Treasury and Investment Accounting, at Allianz Benelux, discusses how modern Treasury Management Systems are becoming strategic tools for business integration and risk management.
Carla Juan-Creix Roselló POSTED ON 7/31/2025 12:00:00 PM

Natalia will be speaking at Insurance Investor Live | Europe 2025 on September 24 and 25 in London. Find out more and how to register here.
Carla Juan-Creix Roselló: In today’s financial environment, how are Treasury Management Systems evolving to support broader business goals, and what value do they bring to large organisations beyond just day-to-day treasury operations?
Natalia Roudakova: In some companies, the Treasury function is still limited to managing daily inflows and outflows, a narrow focus tied to operations and short-term cash movements. But the Treasury can and should be more than that. Beyond daily transactions, Treasury is linked to risk management, both operational and financial, and at the most severe end, even to preventing bankruptcy when payments are missed or delayed.
What’s important now is developing a broader, more strategic understanding of the Treasury. The Treasury must answer key questions: What is our available cash? What support mechanisms are in place? How do our forecasts look in the short, medium, and long term? These aren’t just operational queries; they tie into company-wide planning.
The correct Treasury Management System (TMS) plays a central role. It mustn’t operate in isolation but be connected with other business systems and departments. I oversee both the investment back office and investment accounting. This structure allows us to have a unified cycle of how we handle investment-related activities, including hedging that supports our insurance operations. While we don’t manage the actual contracts or premiums, we are responsible for the cash resulting from those operations.
"When you consider investment decisions, knowing
what liquidity is available is fundamental."
Because of this, we must maintain a view of overall liquidity. Treasury can directly support investments, provide insight to risk teams and actuaries, and support decisions across core units. It’s no longer just about processing payments; it's about coordinating with all areas of the business. Treasury can offer clarity and enable collaboration.
When you consider investment decisions, knowing what liquidity is available is fundamental. Insurance depends heavily on long-term planning. That’s why integrating Treasury into the broader business vision is critical.
We’ve integrated Treasury into every layer, core business, investments, and insurance functions. Treasury is no longer internally focused. We work with external stakeholders, sharing insights and identifying needs. This external visibility is increasingly relevant in large organisations.
That’s the mission of the modern Treasury function: being a key information provider and strategic enabler. Treasury has become a business-critical function connected to every aspect of the organisation.
Carla: When choosing a Treasury Management System, how do companies make sure it fits the way they work, not just in terms of features, but also how teams collaborate and grow over time?
Natalia: Treasury systems used to operate in silos, separate from other business systems. This was a major limitation. Treasury teams managed their own systems, while investment teams, operations, and accounting often worked on different platforms. That created inefficiencies, inconsistencies, and risk.
Today, Treasury systems are evolving into integrated platforms. A good TMS must connect with systems managing investments, operational activity, compliance, and accounting. Integration isn’t just about convenience; it’s about visibility and risk mitigation. You can see your cash position in real time and reconcile forecasts against actuals.
"Treasury systems need some standardisation. Every company has its own structure,
but the core design should promote clarity and efficiency."
Say you didn’t receive a payment, or something wasn’t executed properly. In an integrated setup, you’d spot that immediately and intervene before it escalates. You reduce the risk of missed payments or inconsistent data. These aren’t just technical issues; they have real business impact.
Treasury systems now also need some standardisation. Every company has its own structure, but the core design should promote clarity and efficiency. For example, our TMS integrates with our operational system, so inflows such as premiums or contracts are instantly reflected. That same system shows processed or pending payments. It eliminates silos.
There’s also mutual feedback between systems. Treasury feeds data into planning, and operations inform Treasury about expected receipts or commitments. That exchange improves decisions across the board.
The goal is an embedded, integrated function that works with all parts of the organisation.
Carla: When a company moves to a new Treasury Management System, what kinds of internal challenges often catch teams by surprise, and what can be done early on to make the transition smoother for everyone involved?
Natalia: One of the biggest mistakes is jumping into system selection or implementation without first assessing what the organisation really needs. Before anything else, you need a clear description of your Treasury requirements. What do you expect from the system? Which stakeholders are affected? What complexity must it handle?
Every business has its own specificities, and if you don’t fully map out your needs, you’ll likely run into problems. That’s why the first step should be defining and documenting those needs in collaboration with all involved parties.
Another crucial component is project management. You need a strong project leader who can manage timelines, dependencies, and keep everyone aligned. Without proper coordination, the best system won’t deliver value.
"Testing is where many projects falter. People often underestimate
the time and resources that testing requires."
After selecting a system through a well-scoped request for proposal (RFP), the next phase is planning. You must build a detailed implementation roadmap, including technical requirements, stakeholder engagement, and change management. Expect delays. You're often reliant on internal teams, vendors, and cross-departmental input. That’s why flexibility and communication are essential.
Testing is where many projects falter. People often underestimate the time and resources that testing requires. You can’t assume that because a function exists, it works. You need rigorous test plans, clear cases, and responsible individuals.
When testing is rushed, bugs slip through. You encounter issues in production that could have been avoided. That’s why I insist on dedicated test teams and consistent follow-up. You need weekly check-ins at the start, then biweekly during testing. This helps catch problems early.
Once the system goes live, we usually perform a “penny test”, a small transaction to ensure the system works in the live environment. It sounds simple, but it prevents major issues.
Start with a clear vision, choose the system based on real needs, build a solid plan, allocate resources to testing, and keep communication flowing throughout.
Carla: How can the right Treasury Management System help companies go beyond operational efficiency to enable faster, more confident decision-making at a strategic level?
Natalia: A well-designed TMS can transform decision-making in an organisation. It goes beyond processing payments or reconciling accounts. Treasury today supports strategic planning with real-time, actionable insight.
When Treasury is part of cross-functional meetings, finance, risk, and investments, it can present real liquidity figures, availability, and forecasts. These are not abstract numbers; they are the financial foundation of decisions. The Treasury provides the truth about what’s happening with the company’s money.
The Treasury also identifies opportunities. Say you receive unplanned inflows. The TMS can help decide whether to invest, contribute to a cash pool, or allocate funds to a business area. That flexibility is powerful.
"Treasury metrics are precise. They’re less open to
interpretation than delayed accounting results."
It also ensures alignment between execution and strategic planning. Treasury validates whether plans are being met and where gaps exist. It connects departments using hard financial data.
Another benefit is improved accountability. Treasury metrics are precise. They’re less open to interpretation than delayed accounting results. With Treasury insights, you get a real-time snapshot of performance.
In short, the Treasury becomes a strategic partner. It helps the company plan effectively, adapt quickly, and execute efficiently. The right TMS enables that agility.
Carla: What should we ask ourselves to enhance Treasury management in the insurance industry, as people leaders?
Natalia: Are we truly making the most of the Treasury, or are we still treating it as a back-office function? Historically, it played a small, often overlooked role. But the Treasury can play a central role, both strategically and operationally.
At the leadership level, that means involving the Treasury in executive discussions. Treasury teams should be seen as business partners. At the same time, we must empower Treasury professionals. They need to understand the impact of their work, how a failed payment or incorrect forecast can affect accounting, compliance, and even customer satisfaction.
Training is vital. Regulations are constantly evolving. For example, Europe’s transition to instant payments introduces new compliance checks. Banks now verify payment details in real time, including names and jurisdictions. That affects how data is managed across systems, operations, investments, and compliance.
"That’s what modern Treasury leadership looks like: strategic alignment,
operational excellence, ongoing learning, and clear communication."
The Treasury must stay ahead of those changes. It needs continuous learning, system updates, and strong connections with legal and compliance. Gone are the days when operations, compliance, and finance worked in separate boxes. Treasury is now the connecting tissue.
Lastly, simplicity matters. Treasury processes should be clear and easy to follow. Everyone should know their roles, responsibilities, and escalation paths. When teams understand what they’re doing and why it matters, the organisation benefits.
That’s what modern Treasury leadership looks like: strategic alignment, operational excellence, ongoing learning, and clear communication.
Natalia will be speaking at Insurance Investor Live | Europe 2025 on September 24 and 25 in London. Find out more and how to register here.
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