Global Finance IT System Implementation at TechnoCorp

Background: TechnoCorp, a global technology company, has decided to streamline its financial operations by implementing a new finance IT system across all its subsidiaries. This change aims to replace multiple legacy systems that are currently in place in different countries. The new system is expected to increase efficiency, reduce costs, and improve financial reporting across the organization. The implementation of this new finance IT system presents several challenges, including resistance to change from local teams, potential data migration issues, and the need to ensure compliance with various financial regulations in different countries. To ensure a successful implementation, TechnoCorp's senior management has assigned a dedicated project team consisting of representatives from each subsidiary, finance professionals, and IT experts.

Question

Analyze the potential risks and challenges associated with this change, identify strategies to overcome these challenges, and consider the long$-$term impact of the new finance IT system on TechnoCorp's global perations.