Chassis system failure means one or more of your components of your air suspension has been detected not to work properly, and the car has disabled the suspension manipulation. Means that sport or sport plus mode wont work, shock stiffness changes wont work, suspension raise/lower wont work, auto stop will not work, I believe there are other errors you will see related to PASM, leveling and suspension if you get this error.
You should go read my Air suspension information thread as a first step.
Then ask more questions.

Could be related to level sensors on each upper control arm, sensors inside the center of each air shock, power connectors next to each air line at each shock, air compressor failure, valve block failure, air compressor relay failure, ECU failure. Or a combination of more than one of these.
Read above, analyze your system to assess what state your suspension is in (high, low, slammed down, front only, rear only, all sides, some corners not same height, can raise, cannot raise, no buttons lit, some buttons lit.
All that stuff matters. You should turn your car on, make sure all doors are closed, open front window all way down, reach in and press the raise button for about 12 seconds. This ensures your suspension is enabled (you will see message on multi function display). Once you know suspension enabled, go to back of car, by passenger side muffler. Lean down and should hear humming of the air compressor. If you do not hear compressor kicking in at all, chances are it is fried. If you replace compressor (some have success reconditioning it with a kit), you must replace relay too.
Once you know what component

Update us so folks can track progress and can get resolution if they encounter similar issue.

Thank you.

 

Hi my 2011 cayenne s just a little over 95K week late dec I got same message, and my IPB garage is hard to get in rote them today with pic, i,m worried as I know those air shocks have to be $$$$$$$ light does not stay on and has not come om again but!!!! i,m hoping for little to fix

 

Did you read the article that ciaka linked to in the message above yours? Also, you're bringing back a very old thread and this is the Panamera forum. Much of the suspension is similar, but you need to do the research on reading some of the articles or search first. Its a common question.

 

It will be very difficult to pd any suspension without piwis2 or durametric, etc. Without diagnostics you are doing trial and error. We won't be able to tell for sure
read my thread which includes diagnosing info. It may help. Thanks.

 

Look into Arnott and Rock Auto for parts...