What are the risks surrounding Financial System Implementation?

Risks are:

Lack of Management Support

Resistance to Change by the end users

Heavy burden of acquisition and implementation cost for small businesses

Wrong assessment of users’ requirements by the consultants

Selection of wrong application system

Difficult to customize

No control on source data

Time overrun and Cost overrun

Desired output not available

Lack of security controls

Technology obsolescence

Lack of trained users

There are many risks in the Financial System Implementation which can be summarized as follows:

Application complexity,  Lack of user experience,  Lack of role definitions of individuals on the project, The lack of alignment between the organization strategy, structure, and processes and the chosen financial application,   Within the project, the loss of control over the project (over the project team and over the employees once the system is implemented),  Another major risk is project complexity as it involves relatively large expenditure for acquisition hardware, software, implementation costs, consulting fees, training cost and can last for an extended period of time. It has a wider scope and may causes a significant number of changes within the organization, Lack of in house skill is another source of risk