The Impact of Enterprise Risk Management Knowledge on Performance of Zimbabwean Banks

This study examines the impact of Enterprise Risk Management (ERM) knowledge on the non-financial performance (NFP) of Zimbabwean banks, with particular emphasis on the role of Integrated Risk Governance (IRG) in volatile emerging-market contexts.A sequential explanatory mixed-methods design was employed. Quantitative data were collected from 67 senior banking and regulatory stakeholders using a structured questionnaire and analysed using descriptive statistics and Pearson Product–Moment Correlation Coefficient (PPMCC). Qualitative data were generated through key informant interviews and analyzed using reflexive thematic analysis in NVivo 15.2.1 to contextualise and explain the statistical results. The results indicate a strong and statistically significant positive relationship between IRG and banking non-financial performance (r = 0.930, p < 0.01), with IRG explaining approximately 87% of the variance in NFP outcomes. Qualitative findings reveal that while ERM structural determinants exist, their application remains fragmented due to resource scarcity and regulatory volatility, constraining the full realization of ERM benefits. The study extends ERM literature by integrating the Resource-Based View and Dynamic Capabilities Theory, demonstrating how ERM knowledge functions as a strategic capability that enhances governance quality and ESG-oriented performance in frontier banking markets. For policymakers and bank executives, the findings underscore the need for sustained ERM capacity-building, regulatory stability, and investment in data and analytics to strengthen non-financial performance. This study provides rare empirical evidence from Zimbabwe, contributing to emerging-market ERM scholarship and offering policy-relevant insights for risk governance under macroeconomic uncertainty.