A trend of information technology (IT) outsourcing has been increasing over the past few years. Many organizations are turning to outsource in an attempt to enhance their competitiveness in the market. Yet, the negative outcomes from outsourcing are still high of the time. To overcome this situation, the identification of risk associated with IT outsourcing project is increasingly important. This study examines the risk factors from two key stakeholders involved in IT outsourcing projects: the client and vendor perspective. A Delphi survey was conducted to produce a rank-order list of risk factors. The results of the survey were subsequently compared to identify similarities and differences between client and vendor. The findings suggested that there are areas of agreement and disagreement between client and vendor perceptions of risk factors. This provides evidence of the agency problem on client-vendor relationship, which proves different stakeholders do have different perceptions regarding project risk. By identifying and comparing the risk perception from client and vendor organization, this study broadens the knowledge on IT outsourcing project risk.