Turning risk into opportunity: A treasurer’s decision lens

Irene Thng, Group Treasurer at Toll Group on leading in volatile times and why waiting for certainty is the risk.

30 July 2026

8 mins

Corporate & investment bankingTransaction bankingTransport and logistics

For Irene Thng, treasury has never been a function that sits still. In her career spanning M&A and treasury at Michelin, 3M and now Toll Group, she has built a reputation for moving towards complexity rather than away from it. “When there’s a risk, there’s an opportunity,” she says. “I always look for the opportunity.” 

In this interview, Irene reflects on the evolution of treasury, the importance of trust with banking partners, the role of technology and AI, and the leadership qualities she believes are essential in an uncertain world. 

Tell us a little bit about yourself

I grew up in Singapore in a close-knit, sheltered family, where much of life was structured for me. That changed significantly when my father sent me to Australia at around 17.

I often say that while I was born in Singapore, I grew up in Australia. That early experience of being placed in unfamiliar environments has defined how I approach both life and my career. It has instilled in me an approach of embracing uncertainty rather than avoiding it.

Describe your current role, your journey, and how it has evolved over the years alongside changes in financial markets and technology

I became a treasurer almost by accident. I started my career in M&A at KPMG during the Asian financial crisis, working on transactions where companies were either acquiring distressed businesses or being acquired.

When I joined Michelin, I continued in M&A before being asked to transition into treasury.  I had no formal treasury background, so I had to learn everything from scratch across FX, cash, liquidity and risk management . Much of that learning came through hands-on experience and support from banking partners.

Moving to 3M and now Toll, what I have observed is that while treasury fundamentals remain consistent, the real shift is in context. This includes company culture, business priorities, and how quickly decisions need to be made in response to market conditions.

Looking back over your career, what are the biggest shifts you have personally witnessed in finance and treasury, and what has kept the role interesting and energising for you?

The defining feature of my career has been operating through cycles of disruption.

I entered the workforce in 1996, and very shortly came the Asian financial crisis. After that, the dot-com bubble, the US housing bubble, the global slowdown in 2008, COVID, wars and geopolitical disruption. All this helped me recognise that nothing is for sure. 

What keeps the role energising is precisely that uncertainty.

Based on your experience both through cycles and across roles, how do you think about risk and decision-making in uncertain conditions?

I believe that a sub-optimal decision is better than no decision. I decide based on today’s circumstances and information available today.  My view is to fly at 80 per cent, make adjustments, and reach the target on time.  This allows the organisation to move.

In fast-changing environments, that ability to act and adjust is more valuable than waiting for complete certainty.  So, it should be no surprise that I do not see disruption purely as risk. I see it as opportunity.  In every crisis, there is a window to reposition, respond differently, and create value. That mindset continues to drive me.

In every crisis, there is a window to reposition, respond differently, and create value. That mindset continues to drive me.

Irene Thng

Group Treasurer, Toll Group

In fact, this assess, decide, commit and adjust along the way approach is something that has defined my career too.  This includes stepping away from a potential partnership track early in my career, moving from M&A into treasury at Michelin with no experience, then moving organisations and cultures when I felt I had been in my comfort zone for too long.

Can you share an example of a strategic decision or challenge that has been particularly meaningful for you?

An example that stands out is how we navigated an ERP limitation at Toll Group, where we had to choose between accepting inefficiencies or finding a way to move forward.

Rather than waiting for a perfect system solution, we chose to act. We worked closely with Standard Chartered, who took the time to understand our constraints and proposed a notional pooling structure as an interim solution. That allowed us to operate efficiently despite the system limitations. It required trust on both sides.

For me, that experience reinforced that strategic decisions are not always about implementing the ideal solution immediately. They are about making practical progress, leveraging the right partnerships, and continuing to evolve as conditions improve.

The experience reinforced that strategic decisions are not always about implementing the ideal solution immediately. They are about making practical progress, leveraging the right partnerships, and continuing to evolve as conditions improve.

Irene Thng

Group Treasurer, Toll Group

What have your experiences taught you about how finance leaders can build truly effective partnerships with financial institutions?

Treasury is a small world: treasurers move companies and bankers move around different banks.  Effective partnerships with financial institutions are built on trust.

What I look for is a bank that understands us and is willing to help us work through the problem.   The more we can connect, the more we trust each other. Transparency and honesty – being clear on what works and what does not; mutual understanding; and co-creation are the basis for good relationships to me.

What is one treasury innovation or tool you wish had existed five years ago? Why?

AI.  Recent developments have made it genuinely useful, particularly for tasks such as summarising information and creating materials quickly.

I see AI as a tool that improves efficiency. It allows us to spend less time on manual work and more time on decision-making and strategic thinking.

What leadership traits do you believe are essential for the next generation of finance professionals and leaders?

One is listening. It is very powerful when someone listens. Leaders must genuinely listen to different perspectives before making decisions. Without that, alignment and trust break down.

Agility is another. If something is not working, leaders must be prepared to adapt in a timely manner rather than persist with ineffective approaches.

Third is patience. While agility is important, repeated change can create confusion. Leaders need to allow initiatives time to work before changing direction

Beyond these attributes, leadership is about a human touch: making people feel valued, remembering individuals, and building long-term trust.

Leadership is about a human touch: making people feel valued, remembering individuals, and building long-term trust.

Irene Thng

Group Treasurer, Toll Group

How do you stay informed and balanced outside the day-to-day role? For example, are there books, podcasts, news sources or routines that you would recommend to help filter signal from noise?

I consciously balance my life across four areas: work, self, family, and friends.

Daily, I spend time with family, which includes watching the news with my mother, as that provides such a different perspective than my corporate view. I also take time for reflection during evening walks, to reset after a work day.

I read a lot so my conversations with people are broad – being curious beyond finance, on everything from water to Feng Shui.

I also make an effort to engage with younger people. Speaking with my 19-year-old niece, for example, has given me insight into how perspectives differ across generations. It helps me stay open-minded and better understand how people think, which is valuable in both leadership and day-to-day interactions.

If you could give advice to a professional starting their career in finance, such as your younger self, what would it be and why?

Seize any opportunity if someone is willing to give you the chance – take it.  Then be sure to deliver.

Growth often comes from stepping into roles before you feel fully ready. But once you take on a role, your credibility is built by how well you execute.  Last, know when to move on if a role no longer aligns with your growth or priorities.

To my younger self, it would be to explore the world. Exposure to different environments builds perspective that no formal education can replace.

Finally, what would your advice be to Women in Treasury and finance roles.

I encourage women to focus on building strong skills, delivering results, and staying authentic. There is no need to change who you are to fit into a role.

One day, I hope we no longer have to think about this.  My view is that success should ultimately be defined by capability and contribution, that equality is not ladies versus men, but where opportunity and recognition are a reflection of performance and merit.