As evidenced in a broad-based body of research, risk affects decision-maker’s behavior by influencing perceptions of decision situations, evaluation of alternatives, choices made, and other decision-related actions taken in response to risk. Based on theory from risk literature, a conceptual model was identified and tested. The data for this study was collected using a stratified random sample from the top Chief Information Officer (CIO) of the banking industry. The survey instrument collected information pertaining to the CIO executive’s risk behavior preference. The analysis of the data was used to determine an effective risk behavior model that can be used for future business decision making process. It is the anticipation that this model can be used to determine the CIOs risk behavior in decision making that would impact the information systems (IS) strategy. The CIOs risk behavior model tested indicated evidence supporting the proposition that both risk propensity and risk perception influenced the ultimate risk behavior of the CIO executive that influences the decision making process. These findings signify that the proposed CIOs risk behavior model is robust.