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The
concept of knowledge creation is presented by Nonaka & Takeuchi
(1995) who concentrate on the interaction between two knowledge types,
tacit and explicit knowledge. Tacit knowledge is represented by
experience, beliefs, and technical skills accumulated in the people’s
minds. Explicit knowledge is the knowledge expressed in documents, data
and other codified forms.
nThe interactions and movements from tacit and explicit knowledge to tacit and explicit knowledge on the individual and organizational level generate the knowledge creation in an organization. nAlavi & Leidner (2001)
understood knowledge as “ a process of applying expertise”. Burnstein et al., (2002) presented KM as “a
management technique to maximize the co-ordination and organization of
knowledge”. This KM definition is complemented by the identification of
the KM processes presented by Alavi & Leidner (2001): creation, storage and retrieval, transfer and application of knowledge.
n
Aditionally to the concept of Knowledge Management is crucial to understand the concept of Knowledge Management System. Lehaney et al.,
(2004) summarized that the KMS is the ensemble of three subsystems:
People interactions, KM and Knowledge
acquisition are subject to perceptions and agreement.
Technology acting as support and the way to
enable the KM function
Organizational structures
A relationship of Knowledge Management and Risk Management apears in this statement: “Risk Management is frequently not a problem of
a lack of information, but rather a lack of knowledge with which to interpret
its meaning” (Marshal et al. 1996) and “… banking is an information and
knowledge-based business” (Fourie &Shilawa, 2004). Relationships that start from the risk assessment process as Shaw (2005) commented “…once a risk is identified new
Knowledge is required”
There are actions and concepts to connect in order to apply Knowledge Management to Enterprise Risk Management, as they are shown in the following figure:
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Knowledge Management 
