Construction projects are subject to diverse risk factors which may influence project participants' performance and eventually quality of the constructed projects. One of the significant risk factors is cultural risk that stems from the characteristics of a multi-cultural project environment. Therefore, it is essential to analyze causes and consequences of cultural risk when a construction organization decides to perform projects where different cultures of project parties may cause conflicts in the working environment. The aim of this study is to define cultural risk, identify its sources and build a model for the assessment of cultural risk related to construction projects performed in multi-cultural environments. Based on the opinions of construction professionals, an Analytic Network Process (ANP) model, which may be used as a decision support tool for cultural risk assessment will be developed. With the help of ANP interdependence relationships between factors can be modeled. The findings of the prioritization process conducted by ANP will be discussed to identify the most significant contributors of cultural risk.