IT systems project failure

Numerous cases of cancelled or failed IT projects in the finance industry happen on an alarming scale. Many within the banking world are unreported because of reputation risk, i.e. risk of losing clients or looking foolish in front of rivals.
There are four major reasons for IT systems failure:
The risk management system was initially unsuitable for the bank or fund and could not be successfully tailored for use.
The skills base of the business project implementation was not properly understood or resourced.
Organisational politics or budgetary problems hindered progress.
Operational errors or poor systems design ruined chances of success.