What challenges have you encountered in implementing effective risk management practices, and how have you overcome them?

The rapidly evolving regulatory landscape has been challenging to stay on top of. To overcome this problem, we have established strong relationships with external multifaceted consultants, specialised in various support areas, who have a deep understanding of the complex regulatory environment. Together we created effective business-oriented roadmaps and action plans that help us prevent and mitigate risks, aligned with the latest internal and external requirements.

Cybersecurity threats have also been challenging. Huawei is a company that can be easily targeted for cybersecurity attacks, hence, managing these risks is crucial for us. Recurring security audits and vulnerability assessments are conducted to identify and address weaknesses, thus, from the legal perspective, we have implemented rapid incident acknowledgment plans to reduce the impact of potential breaches and ensure swift and effective responses.

We are also developing plans to assess vendor’s security measures, compliant with relevant laws and regulations, based on financial stability. We also maintain strong contractual agreements that clearly define responsibilities and liabilities, ensuring that our partners meet our high-risk management standards.

To overcome these challenges, I prioritise ongoing training for my team, ensuring they are aware of the latest legal and regulatory developments. Additionally, we foster and promote a culture of compliance and risk awareness throughout the organisation.

What are some of the main trends impacting the industry sector you work in Colombia?

5G technology: This development is a significant trend-setter in the telecommunications industry. The transition to 3G and 4G is still ongoing in our country due to the expanding new networks and market demand; for instance, new operators have invested $100m for 4G rollouts.

Expansion of broadband connectivity: The Colombian Government has implemented initiatives and regulations to promote infrastructure deployment and narrow the digital breach. Fiber broadband penetration will grow over the next five years; for example, known telecommunications companies have invested $25m to bring fibre optic services to 20 municipalities and expand coverage in remote areas.

Regulatory reforms: Local reforms promote infrastructure sharing, encourage fair competition, innovation and enhance service quality. They have been created to stimulate competition and attract investments. These reforms aim to ensure that telecommunications services remain high-quality, affordable, and reliable across the country.

Security measures: Telecommunications companies are implementing robust security measures to protect customer data and ensure secure information transmission. Compliance with data protection regulations and international standards is a significant focus of the industry.

As the legal director, it is crucial to be updated about major trends and their implications for the telecommunications industry. This allows me and my team to ensure compliance with regulatory requirements, navigate legal challenges and leverage opportunities for innovation and growth. Indeed, by closely monitoring these trends, collaborating with industry stakeholders, and maintaining a proactive approach to legal and regulatory compliance, technology companies can better adapt and thrive in the evolving landscape of Colombia’s telecommunications industry.