By Kingsley I. Ilechukwu, Bureau Chief, South West

TELECOMMUNICATIONs industry regulator, the Nigerian Communications Commission(NCC)  has said the rationale for putting up the Telecoms Industry Risk Management Conference is to achieve resilience in the telecommunications industry.

Delivering his welcome address at the Telecoms Industry Risk Management Conference held on February 20 – 21, 2024 at Radisson Blu, Ikeja, Lagos, south west, Nigeria, the Head, Corporate Planning, Strategy & Risk Management (HCPSRM), at NCC,  Kelechi Nwankwo, explained that the move is in line with the Commission’s efforts at  reviewing the current operating standards and emplacing new standards to align them with international best practices.

“You may recall the Executive Vice Chairman/Chief Executive Officer, Dr. Aminu Maida, had in a consultation with the Industry and Media executives, reiterated that the Commission is looking at reviewing the current operating standards and introducing new standards which are in line with international best practices. This is to facilitate resilience in the communications industry,” he began.

“Therefore, as we gather here today under the theme, “Evolution and Future Risk Management in the Telecoms Industry: Harnessing Emerging Technologies and Trends,” we embark on a journey of exploration and discovery in a rapidly evolving landscape of the telecoms industry. We must thus analyse, adapt, and effectively manage the risks that accompany innovation and development!

The fast-disruptive world of the telecoms industry has witnessed convergence of diverse technological advancements with the potential of reshaping our future. From 5G networks, the Internet of Things (IoT), and Artificial Intelligence (AI), to Cloud Computing and beyond, the possibilities are limitless. However, with great opportunities, comes great risks, and it is our collective responsibility to address these risks and possibly safeguarding the industry’s growth and sustainability.

“This conference is a testament to our collective commitment towards recognizing the evolving risks and challenges we face, whileembracing the immense opportunities emerging technologies and trends bring. The World Economic Forum (WEF) in a survey of global leaders on the five risks most likely to present material crisis on a global scale in 2024, reported AI-generated misinformation/disinformation as number two (2) and cyberattacks as number five (5) . These two are technological risks. The number one (1) risk is extreme weather (environment) while numbers three (3) and four (4) are societal/political polarisation and cost-of-living crisis respectively, which are societal issues.

“Together, we will engage in discussions, gain key insights from industry experts, share experiences, and develop strategies to navigate through this ever-changing landscape. How we can mitigate technological risks and use technological innovations to provide solutions to address environmental, societal, economic (disruption of supply chains for critical goods & resources) and geopolitical (attacks on critical infrastructure) challenges, appears critical.

“As we engage ourselves in the next few days of fruitful deliberations, idea exchanges, and collaborations, let us challenge our perspectives and embrace a forward-thinking mindset. The telecoms industry has gone through remarkable transformations, and it is our responsibility to stay informed, prepared, and proactive in managing the potential risks ahead.

I urge every one of you to actively engage in the various sessions, dialogue openly, and contribute to fruitful discussions. By harnessing the collective wisdom and experiences present in this conference, we can unlock new approaches to risk management that will shape the future of the industry.

Once again, I extend a warm welcome to all our distinguished guests and participants. Let us begin this remarkable journey together as we explore the evolution and future of risk management in the telecom industry while harnessing the benefits from emerging technologies and trends.”