What is compliance?
Compliance is about adhering to the laws and regulations that apply to your company. It involves following standards or conforming to them, which also includes the internally applicable core values.
Make sure you are fully aware of the (potential) impact of not being compliant on your company's reputation. You absolutely don't want to suffer reputational damage because your company fails to comply with the laws and regulations.
It's wise to regularly include compliance on the agenda of your meetings. This way, you can periodically assess which laws and regulations are relevant to your company and to what extent your company complies with them.
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Also read Successful entrepreneurship can be learned.