While "treasury management" and "treasury operations" are often used interchangeably, they can denote different levels of treasury activities within an organization. Treasury management generally refers to the overarching strategy and decision-making related to an organization's financial resources. It involves the planning, organizing, and controlling of financial assets to achieve the organization's financial goals.  On the other hand, Treasury operations usually refer to the day-to-day activities required to implement the strategies and policies set out by treasury management. It involves practical tasks such as executing trades, managing payment transactions, reconciling bank statements, cash forecasting, and managing cash pooling.