Compliance Conversations: Boon-Kim Fam, Senior Director, Risk & Compliance, Asia Pacific, global apparel company

The following interview is the first in a series of discussions titled "Compliance Conversations" in which I talk with a leading compliance officer based in, and/or has responsibility for, the Asia Pacific or Greater China regions. In my current role, I have had the privilege of meeting and developing relationships with General Counsel and heads of compliance in Greater China and beyond over the past 12 years. The responsibilities and careers of compliance officers have always intrigued and interested me to the extent that I wanted to share the thoughts and careers of those whom I have met and have held significant compliance roles. Their work in shaping and defining their employers' corporate culture in the Asia Pacific or Greater China region is truly inspirational and I hope their enthusiasm and passion in "doing the right thing" shines through in these interviews.

Boon-Kim (Kim) Fam is the Senior Director, Risk & Compliance, Asia Pacific of a global apparel company. An award winning, multilingual legal, ethics and compliance thought leader, for over two decades, Kim worked in Europe and Asia in US law firms, US listed and privately held multinational companies, as well as in the UK and Malaysian central government. She is an active member of the Shanghai Ethics and Compliance Network and served as the Vice-Chair of the Ethics and Compliance Committee of the American Chamber of Commerce in Shanghai from 2020 to 2023. In 2022, Kim was nominated for and won the Rising Star in Compliance Award in the Excellence in Compliance Awards organized by Compliance Week. She is qualified both in England and Wales and Malaysia, and speaks Chinese Mandarin, Cantonese, English and Malay languages fluently. A believer in lifelong learning and self-improvement, Kim has also recently completed her first year of her Doctorate in Business Administration with the Open University of Malaysia.

Q: How would you describe your career to date?

My career in China has been a remarkable and humbling experience. For the past decade, I've dedicated myself to the field of compliance, a path that began with a serendipitous career switch. This transition not only led to a move from Beijing to Shanghai but also provided invaluable opportunities for personal and professional growth.

I've had the privilege of honing my technical skills while also cultivating strong interpersonal relationships within the ethics and compliance community. This journey has reinforced my belief that one's influence is not defined by titles but by character. Over the years, I've been inspired by industry leaders like Dr. Tim Klatte, Kim Yapchai, Mary Shirley, Ellen Hunt, Amii Barnard-Bahn, and many others. Their guidance has enabled me to contribute to the field through my involvement with the American Chamber of Commerce in Shanghai, guest lectures at Webster University China, and participation in key industry conferences.

China has been the catalyst for my career in compliance. I'm grateful for the opportunities I've had to grow professionally, give back to the community, and receive international recognition. Being nominated for three prestigious awards, including winning one, has been a truly rewarding journey.

Q: You’ve gained a lot of traction in terms of your compliance credentials since I first met you when you were at Alltech. Tell me how you’ve approached the development of your career in compliance. Did you see yourself becoming such as expert in this area?

When I first ventured into compliance, I was presented with a unique opportunity: to work together with my supervisor and mentors on a compliance program for a newly acquired listed company. This was a chance to learn something new, to explore the possibilities and shape the future of the program.

Throughout my career, I've maintained a curious mindset. As a compliance officer, it's essential to understand the intricacies of the entire organization. We are not isolated entities but integral parts of the company. This in-house perspective provides a unique advantage over external advisors, as we have a vested interest in the organization's success.

I've always challenged assumptions, sought improvements, and maintained a positive outlook. By constantly asking questions and exploring alternative approaches, we can build stronger, more effective compliance standards. This relentless pursuit of excellence is crucial for thriving in the field of compliance.

Q: What is it about your role that makes you want to get up in the morning?

I would say without a doubt, that the potential to empower change is one of the many reasons I get up in the morning. We are in the business of setting standards, influencing and shaping the culture of an organisation, whilst ensuring that the organisation continues to flourish.

When conducting training sessions, I often use relatable analogies to illustrate important concepts. For instance, I'll ask participants who are parents: "Would you be satisfied with your child simply passing a test, or would you strive for a higher score?"

From a risk management perspective, aiming for excellence is crucial. While mere compliance with the law may prevent legal consequences, it doesn't guarantee optimal performance or outcomes. In the same way that a child aiming for just a passing grade risks failing, a company that solely focuses on meeting minimum legal requirements may be missing out on opportunities for growth and success.

Instead of the traditional "work-life balance," the term "work-life integration” may be more relevant. As I discussed in a recent podcast with Shirley Zhang, Global Compliance Director at Dover Fueling Solutions, and further explored in Dan Pontefract's book "Work-Life Bloom," this approach is particularly relevant in today's world.

The past few years have significantly shifted priorities for many, including those in the compliance field. Our role is to empower, enable, and inspire positive and ethical behavior. Understanding the intrinsic motivational factors that drive positive behavior is essential for success in our field.

For me, working in compliance has reinforced the importance of authenticity. My personal values and moral compass guide my actions both in my professional and personal life. I believe that inconsistency between these two spheres would be hypocritical. It's crucial to identify your personal brand early in your career and strive to align it with your professional aspirations.

As compliance professionals, we must be genuine in our commitment to ethics and compliance. Without a genuine belief in these principles, it would be near impossible to sustain or grow a successful career.

Q: Are there any expectations you had about this career path that you have found differed from reality, in both a good and bad way?

As I began my career in compliance, I discovered a common theme among the experienced professionals I encountered: their success was rooted in their personal values and character. Many of my role models have dedicated their careers to influencing organizations and promoting ethical behavior. This has created a positive and inspiring environment for young compliance professionals entering the field.

Ten years ago, I might not have predicted the impact that role models would have on my career. However, through my experiences, I've come to believe that ethics and compliance are my true calling. If you share my passion for doing the right thing and influencing positive behavior, I encourage you to consider a career in compliance.

Q: What don’t you like about your career in compliance? What are the biggest challenges? What are the compromises?

That is a good question, Jack. While my career journey has been rewarding, from a gender equality perspective, the persistent gender pay gap and potential disparities in career opportunities for women in compliance are concerning. Many women face career interruptions due to family responsibilities, and it's essential to ensure that there are adequate opportunities for their return to the workplace.

Equality and equity are not interchangeable. As a leader once noted, equality means providing everyone with a pair of shoes, while equity means ensuring those shoes fit. To address the disparities faced by women in compliance, we must go beyond equality and focus on creating equitable opportunities.

One crucial step is for women to support and empower each other. I've personally benefited from the support of both female colleagues and male allies. By engaging in open conversations and asking our colleagues about their experiences, we can identify areas for improvement within our organizations.

Implementing equality and diversity KPIs into performance reviews for senior management can also be a powerful tool. By making these goals accountable and measurable, we can ensure that they are not just temporary initiatives but ongoing commitments.

Q: What skills are the most crucial to succeeding in compliance? What type of person do you need to be?

A compliance professional these days needs to be a generalist—you need to know “a bit of everything”; you also need to be business savvy. Some of those areas include knowing the organisational psychology of the organisation (i.e., how people behave), how to obtain meaningful data within the organisation and getting what you need in order to take an organisation’s pulse, and some understanding of auditing (i.e., understanding how accounting works).

Admittedly, I started a doctorate in business administration because I wanted to have a deeper understanding how businesspeople think and what “language” they spoke. So, take a genuine interest in the company you are with: what you sell, how you sell, what drives the passion of the people who are revenue generators in your company and what “keeps them up at night”. I found in my journey that I had been doing most [of the above] and sometimes getting things right along the way and now applying these principles from an academic perspective and realizing “that’s why it works”. A risk assessment is incomplete if you don’t have a full and complete understanding of how your company works inside out —and it’s all about details. Speak to those you work with, be present, and be curious as well as authentic. Ask questions and be interested in learning.

Perhaps resilience would be another important character trait, but I’d say kindness is a power and know how to harness this. Be compassionate, which leads to curiosity, and try not to be judgmental. We have in-built biases and understand this will be a factor. I read a book by Michael Lewis called, “The Undoing Project”, in which he quotes Voltaire: “Doubt is not a pleasant condition, but certainty is an absurd one”. In other words, we must have some humility in our confidence to argue as if we wanted to win but to listen in preparation of being wrong. Listening to understand and listening to respond will sway the outcome of your discussions with a business. Listening to understand leads to a more open response but this is not easy; people get worried when they are asked to speak up due to the certainty it leads to. If we encourage people to speak up and be authentic, we should be able to do this ourselves. In order to encourage others to do so, the judgmental part has to temporarily take a back seat; you can analyse without judging.

Q: What is the best bit of advice you have for someone looking to move into compliance?

For someone coming from a legal in-house role, there is an opportunity to set standards, build culture and values are the biggest drives for anyone looking to make a transformational change within an organisation. You are leaving a company in a better position compared to before you came. The ability to influence positively towards the strategy of a company and to do good for society in which we operate in is another area of growth. The interpretation of law and application of the same comes as an after-thought because the issue was serious enough whereas ethics and compliance is an area in which you can be proactive and make changes before things become too big of a problem or when regulators need to become involved. Building and transforming the culture of an organisation is important and if these are areas that make you happy, you should consider making a change. It is about your ability to influence, which is most valuable.