More and more organizations are now trying to attain competitive superiority through better management and use of their knowledge assets. While some initial success stories on knowledge management initiatives have been reported, no coherent framework on knowledge management has yet been proposed. Using the grounded theory approach, we carried out a field study on the knowledge management initiative of a multi-national financial institution and, based on an initial analysis of our data, propose a preliminary framework that incorporates several critical success factors for knowledge management.