NCC kicks off maiden telecoms risk management conference in Lagos

…emphasises the need for resilience amid rapid technological advancements

The Nigerian Communications Commission (NCC) on Tuesday, February 20, held its maiden telecoms risk management conference at the Radisson Blu Hotel, Ikeja, Lagos.

In his welcome address at the Telecoms Industry Risk Management Conference, the Head of Corporate Planning, Strategy & Risk Management, extended a warm welcome to all participants.

The conference, organised by the NCC) focused on the theme, “Evolution and Future Risk Management in the Telecoms Industry: Harnessing Emerging Technologies and Trends,” marking a significant moment for the industry.

Nwankwo began by acknowledging the distinguished guests, industry leaders, and esteemed participants, expressing his appreciation for their presence at the maiden edition of the conference. He emphasized the importance of the event, highlighting the NCC’s commitment to fostering resilience in the communications industry by reviewing and updating operating standards in consultation with industry and media executives.

Recalling the words of the NCC’s Executive Vice Chairman/CEO, Dr. Aminu Maida, Nwankwo reiterated the Commission’s dedication to aligning Nigeria’s telecom standards with international best practices.

This, he noted, is essential to ensuring that the industry can withstand the challenges posed by rapid technological advancements and continue to thrive in an increasingly competitive global market.

As the conference delved into its theme, Nwankwo emphasized the need for a thorough exploration of the evolving telecom landscape. He pointed out that the industry is currently at a crossroads, where it must not only embrace innovation but also develop strategies to effectively manage the risks associated with it. The goal, he said, is to balance growth with sustainability, ensuring the long-term success of the sector.

Nwankwo highlighted the rapid convergence of various technological advancements within the telecoms industry, including 5G networks, the Internet of Things (IoT), Artificial Intelligence (AI), and Cloud Computing. These innovations, he explained, offer limitless possibilities for the future. However, they also introduce significant risks that must be addressed collectively by industry stakeholders to safeguard the industry’s progress.

Nwankwo called upon all participants to actively engage in the discussions and collaborations that the conference would facilitate. He stressed the importance of shared responsibility in navigating the challenges ahead, urging everyone to contribute to the development of strategies that would ensure the telecoms industry continues to grow while effectively managing the risks posed by emerging technologies.

He added: “This conference is a testament to our collective commitment towards recognising the evolving risks and challenges we face while embracing 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)1

“These two are technological risks. The number one (1) risk is extreme weather (environment) while numbers three (3) and four (4) are societal/political polarization 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 of emerging technologies and trends.”