Since 1990s, major corporations and public organizations have actively implemented their own knowledge management, by which they develop new businesses and enhance organizational efficiencies. However, their knowledge management processes are sometimes isolated or mismatched with their record management systems and reveal many problems to operate and maintain them effectively. This paper analyzes the current status and problems of corporate knowledge management. Next, it proposes the necessity and the methods to integrate knowledge management and records management in order to transform corporate records as useful knowledge resources. Aligning corporate record management strategies with knowledge management policies enables to improve the management of corporate electronic records. Especially, the implementation of record retention schedule based on the life cycle management of records is emphasized as a KM governance strategy and method to manage corporate records effectively.