Nowadays, firms tend to conduct IT projects in collaboration with external parties who share, directly or indirectly, similar organizational strategies. These projects can become increasingly complex due to the number and nature of the relationships between project components. In such circumstances, risk management processes can help project teams reduce uncertainties and achieve project success. However, projects continue to fail even when risk management has been well taken into consideration and risk management practices well applied. This paper reviews the literature in order to understand the complexity behind the temporary multi-organizations (TMO) and to evaluate the capacity of actual risk management practices to address this complexity. It concludes that actual risk management practices do not properly address TMO’s complexity for IT projects and indicate new directions for research to fill the gap between risk management and TMOs IT project contexts.