The study aimed to identify the applications and processes of knowledge management as a strategic instrument to reduce the risks facing business organizations in the Kingdom of Saudi Arabia through a study of the opinions of experts. The study used the content analysis method, in addition to the Delphi method. The sample consisted of 12 experts in business organizations in the Kingdom of Saudi Arabia. The questionnaire was used as an instrument for collecting information by preparing a standard list. The study reached a set of results, namely, the preparation of the least frequent factors, the percentage of which is less than (25%), due to the limited impact of these factors on the applications and processes of knowledge management as a strategic instrument. The results of the first round showed that there is a clear discrepancy in the approval or disapproval of experts on the basic list of elements of knowledge management applications and processes as a strategic tool in business organizations (first round). The results of the study showed that all knowledge management factors and processes that were evaluated by the experts participating in the Delphi method obtained a percentage of more than (90%). Based on the results, the researcher recommended developing a strategy that identifies the capabilities of business organizations in the Kingdom of Saudi Arabia, along with developing organizational plans to determine the quantitative assessment of risk factors in knowledge management projects in business organizations in the Kingdom of Saudi Arabia, through a statistical analysis of factors, in addition to working on developing a formal structure for a knowledge management strategy and identifying the future needs of business organizations in the Kingdom of Saudi Arabia to face the risks of potential knowledge management projects.