Yemisi Izuora
The Nigerian Communications Commission, NCC, said it will continue to support innovations that will help navigate the industry out of emerging challenges coming with new technologies being adopting with the aim of advancing the industry.
The Commission, said as a regulator there is need for strong collaboration with stakeholders and training of people to adapt to new trends in the industry.
In his welcome address at the Telecoms Industry Risk Management Conference in Lagos, the Head, Corporate Planning, Strategy & Risk Management , HCPSRM, Mr. Kelechi Nwankwo, said the conference is a testament to the regulators collective commitment towards recognizing the evolving risks and challenges face the industry, while embracing the immense opportunities emerging technologies and trends bring.
Nwankwo, said, “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”.
He pointed that the fast-disruptive world of the telecoms industry has witnessed convergence of diverse technological advancements with the potential of reshaping our future.
He noted further that from 5G networks, the Internet of Things (IoT), and Artificial Intelligence (AI), to Cloud Computing and beyond, the possibilities are limitless, but added that with great opportunities, comes great risks, and it is therefore a collective responsibility to address these risks and possibly safeguarding the industry’s growth and sustainability.
He also reminded participants that the Commission is looking at reviewing the current operating standards and introducing new standards which are in line with international best practices.
Speaking further, he said 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 and cyberattacks as number five.
These two are technological risks, he said while number one risk is extreme weather (environment) while numbers three and four 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.”
Nwankwo, advised the participants to engage in fruitful deliberations, idea exchanges, and collaborations, and challenge their perspectives and embrace a forward-thinking mindset, adding, “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.”
He also urged them to actively engage in the various sessions, dialogue openly, and contribute to fruitful discussions stressing that by harnessing the collective wisdom and experiences present in this conference, stakeholders can unlock new approaches to risk management that will shape the future of the industry.