In today’s dynamic and competitive business environment, firms are faced with ever evolving risks as they implement their strategic objectives to create value. Proactively therefore, organizations are adopting the enterprise risk management framework to address the inadequacies in risk management to ensure realization of business objectives. This study examined the intervening effect of corporate strategy on the relationship between transformational leadership and enterprise risk management adoption by commercial state corporations in Kenya. This research adopted a positivist research philosophy and cross-sectional survey design approach. Target population comprised all the 52 Commercial State Corporations in Kenya listed in the register of State Corporations Advisory Committee in January 2021. Census method was applied, and all members of the top management team were enumerated as respondents. The study used primary data, which was collected through structured questionnaires. The Statistical Package for Social Sciences (SPSS version 22) was used in regression modeling for prediction and causal inferences between study variables. The study findings indicated a partial mediation effect on the intervening role of corporate strategy on the relationship between transformational leadership and ERM adoption by commercial state corporations in Kenya. The study recommends that the commercial state corporations should anchor the ERM adoption activities and other management programmes in the corporate strategic plan for effective execution. It is further recommended that practitioners involved in enterprise risk management advisory, learning and development should ensure that professional development programs in ERM, incorporate linkages between corporate strategy and enterprise risk management.