Average Chief Risk Officer Salary in Iceland for 2024

In this article, we will look at the average Chief Risk Officer salary for 2024 in Iceland 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 Icelandic króna. To keep things simple, we are using the ISK currency code instead of the currency symbol kr.

How Much Does a Chief Risk Officer Make in Iceland?

A Chief Risk Officer working in Iceland will typically earn around 11,099,800 ISK per year, and this can range from the lowest average salary of about 5,111,100 ISK to the highest average salary of 17,640,500 ISK.

Average Annual Salary
11,099,800 ISK
Average Monthly Salary
924,983 ISK

Lowest Annual Salary
5,111,100 ISK
Lowest Monthly Salary
425,925 ISK

Highest Annual Salary
17,640,500 ISK
Highest Monthly Salary
1,470,041 ISK

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

Chief Risk Officer 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 Chief Risk Officer Salaries in Iceland

So we've looked at the average salaries a Chief Risk Officer will earn in Iceland. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Chief Risk Officer can earn between 5,111,100 ISK and 17,640,500 ISK on average in Iceland. 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 Chief Risk Officer in Iceland is 11,986,500 ISK. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 11,986,500 ISK, and 50% of the population earn more than 11,986,500 ISK.

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 Chief Risk Officer salary in Iceland, 25% of the population are earning less than 7,693,200 ISK while 75% of the population earn more than 7,693,200 ISK.

75% of the population earn less than 15,960,700 ISK, and 25% of the population earn more than 15,960,700 ISK.

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.

Chief Risk Officer Salary by Experience Level in Iceland

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 chief risk officer 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 Chief Risk Officer in Iceland that has less than two years of experience can expect to earn somewhere in the region of 5,794,900 ISK.
  • 2 - 5 Years Experience. With two to five years of experience the average Chief Risk Officer salary would increase to 7,741,200 ISK.
  • 5 - 10 Years Experience. From five to ten years of experience as a Chief Risk Officer, the average salary would be 11,434,900 ISK.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 13,919,600 ISK.
  • 15 - 20 Years Experience. A Chief Risk Officer with 15 to 20 years of experience can earn an average of 15,238,200 ISK.
  • 20+ Years Experience. For a Chief Risk Officer with more than 20 years, the expected average salary increases to 16,439,200 ISK.

Average Salary by Experience Chart

0-2 Years
5,794,900 ISK
2-5 Years +34%
7,741,200 ISK
5-10 Years +48%
11,434,900 ISK
10-15 Years +22%
13,919,600 ISK
15-20 Years +9%
15,238,200 ISK
20+ Years +8%
16,439,200 ISK

Chief Risk Officer Salary by Education Level in Iceland

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 Chief Risk Officer in Iceland based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • High School. A Chief Risk Officer in Iceland with a high school education can earn an average salary of 7,115,800 ISK.

  • Certificate or Diploma. A Chief Risk Officer in Iceland with a certificate or diploma education can earn an average salary of 8,362,500 ISK.

  • Bachelor's Degree. A Chief Risk Officer in Iceland with a bachelor's degree education can earn an average salary of 12,121,000 ISK.

  • Master's Degree. A Chief Risk Officer in Iceland with a master's degree education can earn an average salary of 15,838,200 ISK.

Average Salary by Education Chart

High School
7,115,800 ISK
Certificate or Diploma +18%
8,362,500 ISK
Bachelor's Degree +45%
12,121,000 ISK
Master's Degree +31%
15,838,200 ISK

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 Iceland is around 3,440,000 to 10,300,000 ISK 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.

Chief Risk Officer 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 Iceland, a male chief risk officer will earn an average of 11,352,300 ISK, while a female chief risk officer will earn around 10,849,200 ISK.

This means that a male chief risk officer earns approximately 5% more than a female chief risk officer for performing the same job.

Average Salary by Gender Chart in Iceland

Male
11,352,300 ISK
Female -5%
10,849,200 ISK

Chief Risk Officer Average Pay Raise in Iceland

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 Chief Risk Officer in Iceland is around 9% every 28 months.

The national average pay raise across all professions and industries in Iceland is around 4% every 29 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 = ( 9 ÷ 28 ) × 12  = 4%

What this means is that a Chief Risk Officer in Iceland can expect to receive an average pay raise of around 4% every 12 months.

Annual Pay Raise by Industry in Iceland for 2024

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

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

Banking
9%
Energy
9%
Information Technology
9%
Healthcare
9%
Travel
9%
Construction
9%
Education
9%

Chief Risk Officer Bonus and Incentive Rates in Iceland

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 Chief Risk Officer is a moderate bonus based job, with 67% of employees reporting at least one bonus in the last 12 months.

33% 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
67%
No Bonus
33%

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 Iceland earn approximately 25% more than private sector employees in the same role.

Public Sector
9,154,500 ISK
Private Sector -25%
7,331,800 ISK

Salaries for Jobs Similar to a Chief Risk Officer

In the table below, we have salary information for jobs that are similar to a Chief Risk Officer in Iceland.

Job Title Category Salary
Account Coordinator Executive and Management 7,020,500 ISK
Account Director Executive and Management 8,940,400 ISK
Account Executive Executive and Management 8,807,800 ISK
Account Manager Executive and Management 8,614,300 ISK
Administration Manager Executive and Management 8,568,100 ISK
Administration Officer Executive and Management 4,558,700 ISK
Administration Supervisor Executive and Management 7,129,200 ISK
Administrative Clerk Executive and Management 3,553,500 ISK
Administrative Officer Executive and Management 3,421,600 ISK
Area Director Executive and Management 8,568,100 ISK
Area Manager Executive and Management 8,471,700 ISK
Asset Protection Associate Executive and Management 9,215,300 ISK
Assistant Director Executive and Management 9,372,400 ISK
Assistant General Manager Executive and Management 9,792,100 ISK
Assistant Manager Executive and Management 9,720,400 ISK
Assistant Managing Director Executive and Management 10,849,200 ISK
Assistant Operations Manager Executive and Management 10,680,800 ISK
Assistant Project Manager Executive and Management 9,226,300 ISK
Assistant Section Head Executive and Management 7,642,900 ISK
Assistant to CEO Executive and Management 8,845,500 ISK
Assistant Vice President Executive and Management 9,661,800 ISK
Associate Account Director Executive and Management 9,262,300 ISK
Associate Director Executive and Management 9,649,800 ISK
Bid Manager Executive and Management 10,152,200 ISK
Branch Manager Executive and Management 10,463,500 ISK
Business Development Manager Executive and Management 11,076,200 ISK
Business Operations Associate Executive and Management 9,121,500 ISK
Business Operations Lead Executive and Management 9,396,300 ISK
Campaign Manager Executive and Management 10,403,600 ISK
Catering Coordinator Executive and Management 5,663,200 ISK
Catering Manager Executive and Management 8,833,600 ISK
CEO Executive and Management 17,640,500 ISK
Chairman of The Board Executive and Management 17,039,100 ISK
Chairman Office Manager Executive and Management 11,161,300 ISK
Chief Commercial Officer Executive and Management 12,481,200 ISK
Chief Corporate Officer Executive and Management 13,919,600 ISK
Chief Executive Officer Executive and Management 18,239,400 ISK
Chief Financial Officer Executive and Management 16,079,800 ISK
Chief Investment Officer Executive and Management 12,958,200 ISK
Chief of Staff Executive and Management 8,434,700 ISK
Chief Operating Officer Executive and Management 13,679,300 ISK
Client Account Manager Executive and Management 10,248,600 ISK
Client Accounts Officer Executive and Management 8,626,600 ISK
Client Services Manager Executive and Management 11,267,200 ISK
Commercial Director Executive and Management 11,303,900 ISK
Commercial Manager Executive and Management 10,270,100 ISK
Commercial Project Manager Executive and Management 9,106,400 ISK
Commodity Broker Executive and Management 6,984,300 ISK
COO Executive and Management 13,199,100 ISK
Corporate Affairs Executive Executive and Management 10,440,100 ISK
Corporate Compliance Director Executive and Management 11,844,700 ISK
Corporate Director Executive and Management 12,481,200 ISK
Corporate Officer Executive and Management 8,496,400 ISK
Corporate Partnerships Officer Executive and Management 8,483,700 ISK
Country Manager Executive and Management 13,561,900 ISK
Department Head Executive and Management 11,088,300 ISK
Department Manager Executive and Management 11,076,200 ISK
Department Supervisor Executive and Management 9,550,600 ISK
Deputy Director Executive and Management 12,841,200 ISK
Deputy Manager Executive and Management 12,841,200 ISK
Director Executive and Management 13,319,300 ISK
Director of Accreditation Executive and Management 11,998,600 ISK
Director of Catering Services Executive and Management 10,788,900 ISK
Director of Client Services Executive and Management 11,518,700 ISK
Director of Facilities Management Executive and Management 9,874,200 ISK
Director of Operations Executive and Management 11,434,900 ISK
Director of Process Simplification Executive and Management 9,154,500 ISK
Director of Product Management Executive and Management 11,531,500 ISK
Director of Project Management Executive and Management 12,121,000 ISK
Director of Revenue Management Executive and Management 10,680,800 ISK
Director of Training and Development Executive and Management 11,569,500 ISK
Distribution Manager Executive and Management 12,361,500 ISK
Division Manager Executive and Management 10,092,500 ISK
Duty Manager Executive and Management 9,754,300 ISK
Engagement Manager Executive and Management 12,361,500 ISK
Executive Director Executive and Management 17,758,500 ISK
Executive Manager Executive and Management 14,519,400 ISK
Franchise Manager Executive and Management 15,118,700 ISK
General Manager Executive and Management 14,038,300 ISK
Global Master Data Manager Executive and Management 12,600,600 ISK
Global Technical Lead Executive and Management 8,329,200 ISK
Head of Investment Executive and Management 11,531,500 ISK
Head of Middle Office Executive and Management 10,907,900 ISK
Head of Projects Executive and Management 11,626,700 ISK
Head of Strategy Executive and Management 13,079,500 ISK
Head of Supply Chain Executive and Management 10,618,800 ISK
Head of Sustainability Executive and Management 9,744,400 ISK
Housing Manager Executive and Management 9,106,400 ISK
HSE Manager Executive and Management 9,226,300 ISK
Key Account Manager Executive and Management 9,528,200 ISK
Knowledge Manager Executive and Management 11,149,200 ISK
Location Manager Executive and Management 11,123,200 ISK
Logistics Executive Executive and Management 9,205,400 ISK
Logistics Manager Executive and Management 8,891,600 ISK
Management Consultant Executive and Management 9,517,400 ISK
Management Executive Executive and Management 12,600,600 ISK
Manager Executive and Management 11,592,200 ISK
Managing Director Executive and Management 14,400,800 ISK
MIS Executive Executive and Management 11,844,700 ISK
Ocean Services Manager Executive and Management 12,239,700 ISK
Operational Manager Executive and Management 12,121,000 ISK
Operations Analyst Executive and Management 10,102,100 ISK
Operations Assistant Executive and Management 8,362,500 ISK
Operations Director Executive and Management 13,561,900 ISK
Operations Executive Executive and Management 12,481,200 ISK
Operations Manager Executive and Management 12,958,200 ISK
Operations Supervisor Executive and Management 10,403,600 ISK
Planning Director Executive and Management 12,721,300 ISK
PMO Manager Executive and Management 11,099,800 ISK
Policy Administration Executive Executive and Management 10,092,500 ISK
Private Sector Executive Executive and Management 10,788,900 ISK
Product Development Manager Executive and Management 11,518,700 ISK
Product Executive Executive and Management 10,018,700 ISK
Production Executive Executive and Management 12,121,000 ISK
Production Manager Executive and Management 12,239,700 ISK
Production Supervisor Executive and Management 9,706,900 ISK
Program Director Executive and Management 11,699,900 ISK
Program Manager Executive and Management 12,721,300 ISK
Programme Coordinator Executive and Management 7,993,600 ISK
Project Control Manager Executive and Management 12,239,700 ISK
Project Coordinator Executive and Management 7,488,800 ISK
Project Management Officer Executive and Management 8,434,700 ISK
Project Manager Executive and Management 8,975,900 ISK
Project Portfolio Manager Executive and Management 9,517,400 ISK
Quality Manager Executive and Management 9,673,100 ISK
R/D Director Executive and Management 10,080,900 ISK
Regional Director Executive and Management 16,439,200 ISK
Regional Manager Executive and Management 12,721,300 ISK
Relationship Manager Executive and Management 11,844,700 ISK
Retail District Manager Executive and Management 7,957,900 ISK
Revenue Manager Executive and Management 9,385,400 ISK
Risk and Capital Manager Executive and Management 13,319,300 ISK
Risk Officer Executive and Management 8,926,700 ISK
Safety Manager Executive and Management 8,785,800 ISK
Section Head Executive and Management 9,346,600 ISK
Service Manager Executive and Management 9,673,100 ISK
Shift Supervisor Executive and Management 7,561,700 ISK
Solutions Manager Executive and Management 8,242,900 ISK
Supervisor Executive and Management 7,356,900 ISK
Supply Chain Manager Executive and Management 12,841,200 ISK
Surveyor Executive and Management 7,848,500 ISK
Technical Director Executive and Management 10,824,400 ISK
Technical Manager Executive and Management 11,245,700 ISK
Territory Manager Executive and Management 11,891,900 ISK
Validation Manager Executive and Management 9,586,500 ISK
Vice President Executive and Management 14,400,800 ISK
Zone Manager Executive and Management 12,361,500 ISK

Salary Comparison by City

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

City Average Salary
Reykjavik 13,079,500 ISK

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