Yes, you need to be cognasant of not mounting it net to electronic equipment or metal that will interfere with the compass. If you want the compass to be accurate it should be adjusted for declination etc. if you are going to use it for navigation.
I just had a compass fail. I always check it against the GPS and personal observations. Mine just went. It is about 90 to 120 degrees off. Of course that is not a problem until I need it. It will be replaced ASAP.