JULY 2024LIFE SCIENCES REVIEW8IN MY OPINIONBy Tim Stow, Global Head of Ethics & Compliance, GaldermaKEY FACTORS FOR SUCCESSFUL COMPLIANCEim Stow has extensive global corporate leadership experience, expertise as a senior compliance executive, and deep experience gained as a commercial in-house attorney. He has built and led high-performing legal and compliance teams that have become centers of excellence in supporting corporate operations and initiatives across the globe. Based in the U.S., Stow is the global head of ethics & compliance at Galderma, and in the last three years, Stow has created an entirely new compliance structure, hiring a new global team and building a fit-for-purpose global compliance program for the company. Previously, Stow was the Boston-based global head of compliance for Takeda's oncology business. Prior to Takeda's acquisition of Shire, he was based in Switzerland as head of the Legal International group, where he led a team of more than 50 professionals across seven regions. Before joining Shire in 2014, he worked for UCB, where he held positions as general counsel in North America and head of legal affairs for International. Stow's early career experience includes progressive legal positions in London, Brussels, and Philadelphia at Schering Plough and Glaxo SmithKline. Given his extensive U.S. and international experience, we asked him to pick out three `fundamentals' in terms of keys to compliance success ­ both running an engaged and effective department but also ensuring compliance remains very much top of mind for the businesses that he, and the many global teams he has led, have supported. This is what Tim had to say: 1. Business Ownership of Compliance I have worked in several different companies worldwide, and all have had one thing in common - a performance-driven culture at their core. On its face, this may present a challenge to a control function such as compliance - the challenge is 'how does what we are trying to achieve and engender resonate for a business focused on performance?' But the two can get very nicely, and in many respects, they are the key to a successful and effective compliance program.Training is important, but having your team first spend time with business colleagues deliberately taking time out to have them gain a TTim Stow
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