Business risk management helps to prevent issues of violence in the workplace. It also helps to resolve other major problems that a business may experience during its normal operations. Therefore, it refers to the process of identifying, assessing, and controlling any threats that could occur on the organization’s capital, earnings, or reputation. Moreover, these risks arise from a wide variety of sources like legal liabilities, financial uncertainties, accidents, natural disasters, or management errors. Workplace violence also poses a risk since it involves an act or threat of physical violence, harassment, intimidation, or other disruptive behavior that occurs in the workplace.

THE IMPACTS OF VIOLENCE IN THE WORKPLACE.

Violence in the workplace not only affects the people involved but also affects the organization as a whole. First, it could pose an economic burden on an organization. This is due to the cost of medical care, support costs, and lost wages. Also, it could lead to economic losses as a result of filed lawsuits in which the organization has to defend itself. This, therefore, displays the need for business risk management in securing the organization’s financial well-being. Secondly, causes psychological and physical impacts on the victim as well as their colleagues and families. This, therefore, leads to a rise in cases of absenteeism at work due to hospital stays or even trauma.

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THE IMPORTANCE OF BUSINESS RISK MANAGEMENT IN AN ORGANIZATION.

Business risk management is important to an organization since it helps an organization plan for potential risks or events before they occur. Therefore this helps them to save money hence protect their future. It also helps to avoid threats that may come along thus minimizing their impacts in case they occur. Additionally, it helps to increase the stability of an organization’s operations while decreasing legal liabilities that may arise due to incidents such as violence in the workplace. Moreover, it creates a safe and secure work environment for the staff and customers thus increasing productivity. Lastly, it helps to protect all the people and assets of an organization from potential harm.

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