In developing a conceptual framework of a Community of Practice’s (CoP) role in organisational KM this chapter summarises preliminary findings of a long-term Action Research study. Interventions address CoP identification, group boundaries, trust related issues, communication, knowledge work and resources. It is argued that these aspects equally need to be addressed as part of complex multilevel organisational KM strategy. The organisational challenge is to achieve strategic alignment between knowledge activities of informally operating CoPs and formalised organisational processes. The conceptual framework aims at providing a comprehensive approach to KM strategising.