The majority of all IS implementation projects fails. McFarlan (1981) identified risk factors associated with organizational IT projects and created a model to predict project risk. The McFarlan Risk Model (MRM) provides a useful approach for the diagnosis and mitigation of IT project risks but can be improved in its predictive ability. In this paper, we suggest to augment the model, beyond its original three dimensions. Based on recent literature, which points to the importance of culture, specifically corporate culture, we develop an extension to McFarlan’s model and assess the added value of this extended model through the evaluation of two business cases. Expert evaluations using the Extended McFarlan Risk Model (EMRM) indicate higher predictive power in the differentiation of project success and failure, based on differences in the model’s culture dimension.