This study investigated the project risk in information systems design and development in the context of Hong Kong. While a large majority of the past research studies was conducted using the Delphi method, multiple case study research methodology was employed in this study in order to provide compelling evidence of the phenomenon. Another novel approach was the application of the causal mapping technique to analyse the cases. This technique enabled in-depth analysis of the research results. The findings extend prior models of software project development risk and show some of the subtle relationships among major model components.