A second $\ensuremath{\gamma}$-decaying high-spin isomeric state, with a half-life of 197(22)ns, has been identified in the $N=Z+2$ nuclide $^{94}\mathrm{Pd}$ as part of a stopped-beam Rare Isotope Spectroscopic INvestigation at GSI (RISING) experiment. Weisskopf estimates were used to establish a tentative spin/parity of ${19}^{\ensuremath{-}}$, corresponding to the maximum possible spin of a negative parity state in the restricted ($p$${}_{1/2}$, $g$${}_{9/2}$) model space of empirical shell model calculations. The reproduction of the $E3$ decay properties of the isomer required an extension of the model space to include the $f$${}_{5/2}$ and $p$${}_{3/2}$ orbitals using the CD-Bonn potential. This is the first time that such an extension has been required for a high-spin isomer in the vicinity of $^{100}\mathrm{Sn}$ and reveals the importance of such orbits for understanding the decay properties of high-spin isomers in this region. However, despite the need for the extended model space for the $E3$ decay, the dominant configuration for the ${19}^{\ensuremath{-}}$ state remains ($\ensuremath{\pi}$$p$${}_{1/2}^{\ensuremath{-}1}$$g$${}_{9/2}^{\ensuremath{-}3}$)${}_{11}$$\ensuremath{\bigotimes}$($\ensuremath{\nu}$$g$${}_{9/2}^{\ensuremath{-}2}$)${}_{8}$. The half-life of the known, ${14}^{+}$, isomer was remeasured and yielded a value of 499(13) ns.