Many companies have considered IT outsourcing as one of strategic alternatives in order to rapidly respond to changing business environment and strengthen their competitiveness. Despite its strategic role, however, IT outsourcing project has been plagued by a high failure rate and difficulty in realizing the promised project performance because of its inappropriate risk management. This study examines the effect of IT project management risk factors on project performance. We propose that project risk management factors(communication, technology sharing, and project control) influence project performance(process performance and product performance). Based on the empirical results, theoretical and practical implications of the study are discussed along with its limitations.