The success of organizations largely depends on continual investment in learning and acquiring new knowledge that creates new businesses and improve existing performance. So, using Knowledge management must result in better achieving, or even exceeding, organizations objectives. The purpose of knowledge management must not be to just become more knowledgeable, but to be able to create, transfer and apply knowledge with the purpose of better achieving objectives. As new technologies and paradigms emerge, businesses have to make new efforts to properly get aligned with them, especially in knowledge management area. Today the Cloud Computing paradigm is becoming more and more popular, due to the vast decrease in time, cost and effort for meeting software development needs. It also provides a great means for gathering and redistributing knowledge. In this paper, we will discuss the benefits and risks of using cloud computing in knowledge management systems.