Compliance is about understanding what the level of community expectation is with respect to safety. It should be viewed as the minimum standard for risk controls that must be in place irrespective of internal Company policies. This might mean compliance with:
Acts
Regulations
Codes of Practice
Standards
Industry Guidance
Specific Authority Guidance
Council Bylaws
Local Government
Whatever business you are in a base level understanding of potential compliance issues must be understood. This starts with understanding the Acts, Regulations and Codes of Practice of the jurisdiction.