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Volkswagen AG stated that the 2015 diesel emissions cheating scandal has cost it 31.3 billion euros – 34.69 billion dollars – in fines and settlements. This is compliance enforcement with teeth. Reputation hit, squandered trust, and lost sales are additional.
The growing use of sanctions as a policy tool has created a demand for compliance professionals that is outstripping supply. The result is an extremely tight job market and rapid growth of third-party services provided by accounting firms, law firms, and specialized compliance consulting firms. Unemployment for compliance professionals currently stands at 0.2%.