The emergence of knowledge-based organisations has seen an emphasis shift to recognising people as the prime competitive asset and the push of management to nurture social capital within organisations. This supposedly hatches an environment of openness, trust and open communication, thereby leading to greater knowledge sharing within organisational members. A well managed knowledge management process helps to create and sustain knowledge capture, sharing and creation of new knowledge. This paper traces the development of a knowledge management framework in an information technology environment of an international bank, focussing on the process, derivation and implementation of the framework, and elicitates important lessons learnt along the way.