Considering the risks in the process of the building up Industrial Internet led by large enterprises, this paper constructs a risk analysis model based on the Interpretative Structural Modeling(ISM). ISM helps for analyzing the risk factors in the process of enterprise dominant industrial Internet build-up through a systematic approach, including identifying the initial risk factors set through literature review method, screening the final risk factors set by Delphi method and analyzing the risk factors by ISM. Finally, an ISM-based Model for the risk factors of the enterprise dominant Industrial Internet is established and analyzed. This study is expected to provide some implication for large enterprises to avoid risks effectively in the process of industrial Internet build-up.