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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
