Senior management commitment, risk management, and flexibility improve project responsiveness to volatile and high-impact scenarios, especially in large projects and programs. The aim of this study is to determine how project flexibility interacts with and affects the relationship between senior management commitment, project risk management, and success in IT projects. A cross-sectional survey of 166 managers was used to derive empirical data from the financial services industry and used to test the conceptual framework based on recent project management literature. Ordinal regression analysis demonstrated a significant relationship between senior management commitment, project risk management, and success in projects which is influenced by significantly positive moderations established through flexibility in projects. The study findings can assist project managers and senior leaders to accomplish their short-term and long-term project goals and achieve success in projects by reducing the chances of failures. This paper adds value to existing research in the context of IT projects and the role of project flexibility on their performance.