Knowledge assets (KAs) are the main focus for knowledge management as these are considered most valuable in this knowledge-driven economy. However, the tasks of understanding, valuation, and management of knowledge assets have been daunting in contrast to their physical counterparts. There have been no generally agreed frameworks for carrying out the above tasks. Organizations strive to minimize the cost of creating and managing knowledge assets and to maximize value addition from knowledge assets. Also, they provide knowledge services to its internal and external customers using knowledge assets and processes with the help of knowledge workers. Hence, efficient management of knowledge assets is often the central theme in most organizational knowledge management (KM) programs. In this paper, we discuss knowledge asset management from multiple perspectives. We propose a set of generic steps involved in knowledge asset management (KAM) and also propose an architectural design for managing knowledge assets in organizational settings.