Abstract
Enterprise risk management (ERM) is an organized, dependable and reproducible process across the entire system for identifying, measuring, controlling and reporting of opportunities and threats that could impact on the objectives of the organization. The purpose of this study is to empirically examine the extent of ERM implementation in the Nigerian banking sector and the identification of antecedents influencing the adoption. 722 questionnaires were administered to top, middle and lower level managers across 361branches and the headquarters of the respective 21banks. The respondents consist of the staff of the risk management, internal audit and operational departments at both the headquarters and branches of the banks. Both SPSS Software and logistic regression model were used for data analysis. The finding reveals that there is plausible evidence that there is an ERM complete in place in most of the banks while insignificant number indicated ERM partial in place. Furthermore, the finding also indicates that internal audit effectiveness, human resource competency, Regulatory influence and top management commitment were statistically positively significant to the stage of ERM implementation while board characteristic was negatively significant. However, most of the banks had already gone through the ERM process before the CBN mandate. This study provides a new knowledge of the literature on the antecedents of ERM adoption. Similarly, the finding has a policy implication for the board of directors to improve their oversight functions and the regulatory authorities entrench risk based supervision on all policy issues. Future research is therefore, advocated on the effectiveness and impact of ERM systems after implementation using different variables and using board members and top management as respondents.