Average Bank Operational Risk Manager Salary in Latvia for 2024

In this article, we will look at the average Bank Operational Risk Manager salary for 2024 in Latvia and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Euro. To keep things simple, we are using the EUR currency code instead of the currency symbol โ‚ฌ.

How Much Does a Bank Operational Risk Manager Make in Latvia?

A Bank Operational Risk Manager working in Latvia will typically earn around 35,520 EUR per year, and this can range from the lowest average salary of about 17,560 EUR to the highest average salary of 54,700 EUR.

Average Annual Salary
35,520 EUR
Average Monthly Salary
2,960 EUR

Lowest Annual Salary
17,560 EUR
Lowest Monthly Salary
1,463 EUR

Highest Annual Salary
54,700 EUR
Highest Monthly Salary
4,558 EUR

These are average salaries for a Bank Operational Risk Manager in Latvia and include benefits such as housing and transport. It's also possible for a Bank Operational Risk Manager to earn more or less than the average salaries shown above.

Bank Operational Risk Manager salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Bank Operational Risk Manager Salaries in Latvia

So we've looked at the average salaries a Bank Operational Risk Manager will earn in Latvia. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Bank Operational Risk Manager can earn between 17,560 EUR and 54,700 EUR on average in Latvia. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for a Bank Operational Risk Manager in Latvia is 35,340 EUR. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 35,340 EUR, and 50% of the population earn more than 35,340 EUR.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Bank Operational Risk Manager salary in Latvia, 25% of the population are earning less than 23,660 EUR while 75% of the population earn more than 23,660 EUR.

75% of the population earn less than 46,160 EUR, and 25% of the population earn more than 46,160 EUR.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Bank Operational Risk Manager Salary by Experience Level in Latvia

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average bank operational risk manager salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. A Bank Operational Risk Manager in Latvia that has less than two years of experience can expect to earn somewhere in the region of 19,380 EUR.
  • 2 - 5 Years Experience. With two to five years of experience the average Bank Operational Risk Manager salary would increase to 25,160 EUR.
  • 5 - 10 Years Experience. From five to ten years of experience as a Bank Operational Risk Manager, the average salary would be 35,000 EUR.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 44,540 EUR.
  • 15 - 20 Years Experience. A Bank Operational Risk Manager with 15 to 20 years of experience can earn an average of 48,160 EUR.
  • 20+ Years Experience. For a Bank Operational Risk Manager with more than 20 years, the expected average salary increases to 51,100 EUR.

Average Salary by Experience Chart

0-2 Years
19,380 EUR
2-5 Years +29%
25,160 EUR
5-10 Years +38%
35,000 EUR
10-15 Years +24%
44,540 EUR
15-20 Years +7%
48,160 EUR
20+ Years +7%
51,100 EUR

Bank Operational Risk Manager Salary by Education Level in Latvia

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for a Bank Operational Risk Manager in Latvia based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Bachelor's Degree. A Bank Operational Risk Manager in Latvia with a bachelor's degree education can earn an average salary of 27,020 EUR.

  • Master's Degree. A Bank Operational Risk Manager in Latvia with a master's degree education can earn an average salary of 38,780 EUR.

Average Salary by Education Chart

Bachelor's Degree
27,020 EUR
Master's Degree +60%
38,780 EUR

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Latvia is around 6,510 to 19,500 EUR and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Bank Operational Risk Manager Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Latvia, a male bank operational risk manager will earn an average of 36,160 EUR, while a female bank operational risk manager will earn around 35,560 EUR.

This means that a male bank operational risk manager earns approximately 2% more than a female bank operational risk manager for performing the same job.

Average Salary by Gender Chart in Latvia

Male
36,160 EUR
Female -2%
35,560 EUR

Bank Operational Risk Manager Average Pay Raise in Latvia

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for a Bank Operational Risk Manager in Latvia is around 13% every 19 months.

The national average pay raise across all professions and industries in Latvia is around 8% every 18 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 13 ÷ 19 ) × 12  = 8%

What this means is that a Bank Operational Risk Manager in Latvia can expect to receive an average pay raise of around 8% every 12 months.

Annual Pay Raise by Industry in Latvia for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Latvia.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

Bank Operational Risk Manager Bonus and Incentive Rates in Latvia

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

A Bank Operational Risk Manager is a high bonus based job, with 82% of employees reporting at least one bonus in the last 12 months.

18% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 5% to 9%.

Received Bonus
82%
No Bonus
18%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Latvia earn approximately 29% more than private sector employees in the same role.

Public Sector
16,880 EUR
Private Sector -29%
13,100 EUR

Salaries for Jobs Similar to a Bank Operational Risk Manager

In the table below, we have salary information for jobs that are similar to a Bank Operational Risk Manager in Latvia.

Job Title Category Salary
AML Analyst Banking 23,080 EUR
Assistant Bank Branch Manager Banking 21,560 EUR
Assistant Bank Manager Banking 28,660 EUR
ATM Manager Banking 25,220 EUR
ATM Service Technician Banking 5,520 EUR
Bank Accounts Analyst Banking 7,080 EUR
Bank Accounts Collector Banking 5,160 EUR
Bank Accounts Controller Banking 10,000 EUR
Bank Accounts Executive Banking 18,780 EUR
Bank Accounts Manager Banking 21,100 EUR
Bank Auditing Manager Banking 21,540 EUR
Bank Branch Manager Banking 27,480 EUR
Bank Branch Operations Coordinator Banking 13,060 EUR
Bank Clerk Banking 3,940 EUR
Bank Client Service Associate Banking 5,960 EUR
Bank Collector Banking 6,180 EUR
Bank Compliance Specialist Banking 14,820 EUR
Bank Manager Banking 34,160 EUR
Bank Operations Head Banking 33,960 EUR
Bank Operations Officer Banking 13,540 EUR
Bank Operations Specialist Banking 21,640 EUR
Bank Process Manager Banking 19,480 EUR
Bank Product Manager Banking 21,640 EUR
Bank Programme Manager Banking 23,500 EUR
Bank Project Manager Banking 28,820 EUR
Bank Propositions Manager Banking 25,680 EUR
Bank Quantitative Analyst Banking 18,260 EUR
Bank Regional Manager Banking 35,340 EUR
Bank Regional Risk Officer Banking 16,340 EUR
Bank Relationship Manager Banking 27,380 EUR
Bank Relationship Officer Banking 12,840 EUR
Bank Teller Banking 6,180 EUR
Banker Banking 11,040 EUR
Banking Business Analyst Banking 18,780 EUR
Banking Business Development Officer Banking 8,880 EUR
Banking Business Planning Executive Banking 24,720 EUR
Banking Product Manager Banking 22,420 EUR
Banking Reference Data Manager Banking 19,480 EUR
Banking Risk Analyst Banking 16,340 EUR
Banking Technical Analyst Banking 8,560 EUR
Bankruptcy Coordinator Banking 13,540 EUR
Bill and Account Collector Banking 5,620 EUR
Budget Analyst Banking 19,200 EUR
Capital Risk Manager Banking 34,160 EUR
Cards Marketing Manager Banking 21,020 EUR
Cash Management Manager Banking 31,660 EUR
Check Processing Manager Banking 22,420 EUR
Commercial Vault Associate Banking 16,140 EUR
Corporate Banker Banking 13,700 EUR
Corporate Dealer Banking 19,200 EUR
Credit Analyst Banking 13,780 EUR
Credit and Collections Manager Banking 22,660 EUR
Credit Card Fraud Investigator Banking 19,220 EUR
Credit Portfolio Manager Banking 32,900 EUR
Credit Risk Analyst Banking 20,520 EUR
Credit Risk Associate Banking 19,200 EUR
Direct Bank Sales Representative Banking 13,700 EUR
Exchange Control Consultant Banking 18,940 EUR
Executive Account Analyst Banking 19,200 EUR
Financial Bank Planning Consultant Banking 20,000 EUR
Financial Banking Analysis Manager Banking 28,820 EUR
Financial Banking Assistant Banking 8,960 EUR
Financial Banking Systems Manager Banking 22,340 EUR
Foreign Exchange Manager Banking 27,380 EUR
Fraud Analyst Banking 18,280 EUR
Fraud Detection Associate Banking 11,360 EUR
Fraud Detection Manager Banking 26,860 EUR
Fraud Detection Supervisor Banking 15,760 EUR
Internal Bank Audit Manager Banking 29,600 EUR
Internal Bank Auditor Banking 16,720 EUR
Internal Private Banker Banking 11,360 EUR
International Banking Manager Banking 35,260 EUR
Investment Banking Analyst Banking 24,200 EUR
Loan Analyst Banking 18,780 EUR
Loan Area Manager Banking 21,380 EUR
Loan Audit Team Leader Banking 19,860 EUR
Loan Branch Manager Banking 19,480 EUR
Loan Business Development Officer Banking 12,300 EUR
Loan Clerk Banking 6,080 EUR
Loan Collection and Recovery Manager Banking 21,100 EUR
Loan Collection Manager Banking 23,380 EUR
Loan Collector Banking 3,940 EUR
Loan Examiner Banking 6,280 EUR
Loan Officer Banking 6,080 EUR
Loan Processing Manager Banking 19,020 EUR
Loan Processor Banking 8,780 EUR
Loan Quality Assurance Auditor Banking 16,340 EUR
Loan Quality Assurance Manager Banking 19,020 EUR
Loan Quality Assurance Representative Banking 13,780 EUR
Loan Review Manager Banking 19,160 EUR
Loan Team Leader Banking 19,640 EUR
Loans Manager Banking 22,540 EUR
Mortgage Advisor Banking 13,540 EUR
Mortgage Collection Manager Banking 20,520 EUR
Mortgage Collector Banking 3,940 EUR
Mortgage Credit Analyst Banking 8,560 EUR
Mortgage Credit Manager Banking 21,540 EUR
Mortgage Development Manager Banking 23,500 EUR
Mortgage Document Reviewer Banking 7,620 EUR
Mortgage Funding Manager Banking 23,400 EUR
Mortgage Operations Manager Banking 27,480 EUR
Mortgage Payment Processing Clerk Banking 5,200 EUR
Mortgage Processing Manager Banking 20,520 EUR
Mortgage Processor Banking 6,440 EUR
Mortgage Quality Assurance Auditor Banking 15,700 EUR
Mortgage Quality Assurance Manager Banking 19,380 EUR
Mortgage Servicing Clerk Banking 5,040 EUR
Mortgage Servicing Manager Banking 19,380 EUR
Mortgage Underwriter Banking 6,280 EUR
Online Banking Manager Banking 31,340 EUR
Payment Processing Clerk Banking 6,080 EUR
Personal Banker Banking 13,780 EUR
Personal Banking Advisor Banking 13,780 EUR
Phone Banker Banking 8,780 EUR
Private Banker Banking 11,040 EUR
Reconciliation and Investigation Specialist Banking 15,880 EUR
Tax Officer Banking 9,980 EUR
Teller Banking 5,620 EUR
Trade Officer Banking 6,080 EUR
Trade Product Manager Banking 20,940 EUR
Trader Banking 9,360 EUR
Treasury Operations Officer Banking 17,020 EUR

Salary Comparison by City

If you want to compare salaries with different cities in Latvia, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Riga 35,340 EUR

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