Risks in IS/IT projects are considered to have decisive effects on the success of these projects. Several researchers have identified and categorised risks in IS/IT projects into six major risk dimensions. This paper assesses the validity of these risk dimensions in light of the current IS/IT developments. An additional risk dimension related to outsourcing and new technologies is investigated. The data was gathered via an online survey tool, which provided 113 valid responses. The validity and the reliability of the risk dimensions were tested using statistical methods. The results revealed that the risk factors within the seven risk dimensions are still valid and reliable. Despite the fact, that all risk dimensions are important, this paper identifies the most significant three risk dimensions using the factor analysis. These three risk dimensions are Management, External Influences and New Technology. Notwithstanding the IS/IT developments in the recent years, it appears that the so far identified risks in IS/IT projects have not been mitigated yet. The proposed simplified set of risk dimensions might be used as a guide to identify the key risk factors in IS/IT projects. Keywords: Project Management, Risks, Information Systems, Factor Analysis.