A form of knowledge capital, it’s a term for the knowledge and information members of an organisation build up, a form of know-how and intangible enterprise value derived from past experiences, successes and failures – in large and complex organisations it can also consist of knowledge of who in that organisation has specific useful knowledge and expertise. Institutional memory often underpins procedures and practices and will often form a large part of what is considered the goodwill of a business. Well run organisations take care to protect institutional memory and to ensure that it is passed on from senior employees to more junior.