The central objective of this paper is to describe the action research that was conducted to investigate the relationship between Knowledge Management (KM) practices and the Enterprise Risk Management (ERM) process in higher education. The research aimed to explore KM best practices that improve ERM implementing and development. The action research was used to help two organizations, the Claremont Graduate University (CGU) and The Claremont Colleges Services (TCCS), to improve their ERM process. The intervention through the action research helped CGU and TCCS to overcome a number of obstacles with their ERM process and to evaluate how KM could facilitate their issues with the process. This paper focuses on three parts of the ERM process: risk assessment; risk monitoring, and risk communication and consultations. The analysis identified patterns and best practices of KM process that are associated with each part. The results presented in this paper confirm and explain the relationship between the ERM process and KM and build a foundation to design an Enterprise Risk Knowledge Management Framework.