The purpose of this paper is to examine factors (adequacy of risk governance structure, quality of organizational culture, intensity of regulatory environment and size of the bank) influencing the adoption and implementation of ERM by banks in Zimbabwe. The study focused on a sample of 18 commercial banks operating in Zimbabwe and primary data was collected using a 5-scale Likert based survey questionnaire. Multiple Regression analysis and One-Sample t-tests using SPSS v16 were undertaken while Chi-square statistic was used to test the research hypotheses. The findings reveal that three factors namely adequacy of risk governance structure, quality of organizational structure and size of the bank have positive relationship with the adoption of ERM while intensity of bank regulation have a negative relationship with ERM adoption. Further it was noted that two predictor variables namely adequacy of risk governance structure and quality of organizational culture have a large impact on the adoption of ERM. The findings are largely consistent with findings by other researchers in this field.