In 2015, an independent testing organisation discovered that German vehicle manufacturer Volkswagen had cheated on diesel emissions tests. Volkswagen felt the blow of this scandal almost immediately as its share price plummeted and the company's integrity was called into question. In the days and weeks following the announcement, its chief executive officer resigned from his post, Switzerland and other countries halted sales of the company's cars and lawsuits and criminal investigations against the company were instituted in the United States, Canada, France and Italy. More than 8,5 million cars were recalled in Europe alone, and Volkswagen experienced its first quarterly loss in 15 years. Identify, define, and discuss the risks relevant to this case, with specific reference to operational risk management failures that led to these risks.