A Belgian perspective

Global Treasury Survey 2023

Global treasury driver
  • Publication
  • 6 Minute Read
  • October 19, 2023

Two years have passed since PwC’s latest Global Treasury Survey in 2021. Considering what the world has been through in this timespan, it might as well have been 10: COVID-19, climate change, cybersecurity, the energy crisis, automation and inflation have been impacting businesses all across the world – and treasury is no exception to the rule. 


The 2023 Global Treasury Survey gives us a glimpse of how treasurer’s jobs and concerns evolved within these two years, and even provide us with some interesting facts related to the Belgian Market. Below are five of its key findings.

Treasurers expected to become strategic advisors

The role of treasurers is increasingly shifting towards that of a strategic business partner, with CFOs expecting them to be more involved in the business and act as de facto advisors to the organisation. Nevertheless, the majority of corporate treasurers still struggle to take up that bigger role.   

No clear path towards digitalisation

While most business functions increasingly move towards digitalisation and automation, treasury appears to be still lagging behind in this regard. Altough various digital solutions and technology are available that can indeed enable treasurers to provide better financial and forecasting services, corporates face difficulties attracting the right profilesto implement these solutions. As an example, the number of respondents allocating resources specifically to data analytics for treasury is 25% globally, and Belgium scores even lower at 10%.


of global respondents allocate resources specifically to data analytics for treasury.

Global Treasury Survey 2023

“The new demand for analytical and digital skills in treasury will be pivotal for companies searching for the right talent. A thorough reflection and change of the role of treasurer is thus necessary, if companies want to attract and hire these new profiles in the future. Especially for small corporates, talent management will be an important challenge to tackle considering the limited resources available on the market and the fierce competition from the larger corporates, fintechs and banks ”

Didier VandenhautePartner at PwC Belgium and leader of PwC’s Global Banking & Cash Management network

Increased interest in the marketplace model

An increasing number of corporates are switching to a “direct-to-consumer” business model, as a move to approach their client base directly instead of resorting to third parties for selling their products. For treasurers, it means new risks to be factored in.

Growing ESG integration into business models

Interest in ESG is growing across the world, with 81% of the responding corporations having integrated this into their decision making. Belgium is following closely, with 77% of respondents having implemented ESG measures and 30% is having a formal policy in place (compared to 33% globally).


of respondents in Belgium have implemented ESG measures in their treasury operations.

Global Treasury Survey 2023

Economic risks affecting treasury

With interest rates continuously on the rise since 2021 and with high volatility in foreign exchange rates and commodity prices, these are increasingly perceived as three of the most important economic risks facing corporate treasurers. Recent bank bankruptcies are also affecting trust in banks as a source of funding.

PwC’s 2023 Global Treasury Survey report reflects the views of 375 treasury department respondents contacted by the PwC global network from January through April 2023. The respondents are based in over 32 countries, across 23 industries and in companies with median annual revenue of USD 3.9 billion. The report also relies on insights from our global team of treasury function specialists.

Priority of getting access to internal cash in the frame of bank cash access difficulties

Download the full

2023 Global Treasury Survey report

Contact us

Pieter Nobels

Pieter Nobels

Director, PwC Belgium

Tel: +32 499 27 93 73

Bart Van den Bussche

Bart Van den Bussche

Director Reward Services, PwC Belgium

Tel: +32 474 23 93 48

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