V-Ray unhandled exception memory allocation failure

Hi Pro,
I got this error message when I try to render V-Ray first time it warns me about a memory allocation failure. How do I rectify this error? Will the system upgrade help in avoiding this error? Do I need to increase the RAM? Does anyoneknow how to fix this problem? Please help. Thanks.

V-Ray Exception
UNHANDELED EXCEPTION:
MEMORY allocation failure.
