Treasury is a function in transition. Not too long ago, the corporate treasurer was usually seen as the bill payer of the company, the manager of cash flows but little else. It was a transactional role that sat squarely in the middle of the finance cost center. But today, the corporate treasurer is often seen as a strategic partner to the business units, and many companies consider their treasurer an executive-level decision-maker.

A recent survey by the Association for Financial Professionals (AFP) found that more than four out of every five finance professionals think their company's treasury function has become more strategic over the past five years. That survey also found that a significant proportion of treasury teams have taken the lead role in their company's investor relations, in mergers and acquisitions (M&A), and in business continuity planning—all activities that reflect an expanding scope of responsibility.

To trace the arc of this transition and sort out where the treasury function is headed from here, Treasury & Risk sat down with Robert J. Baldoni, the national leader of EY's Global Treasury Services Practice.