The critical importance technology plays in financial institutions dictates the use of appropriate development, acquisition, and maintenance standards. Standards do not guarantee that organizations will appropriately develop, acquire, and maintain technology systems. However, standards do enhance management's control over projects, thereby decreasing project risks. Well-defined standards help ensure systems are obtained in an efficient manner, operate in a secure and reliable environment, and meet organizational and end-user needs. Therefore organizations that routinely complete projects should establish comprehensive standards, policies, and procedures that meet project and organizational needs and reduce project risks.
Accounting for Software Costs