Swedbank Latvia is rooting itself as the most dominant player in the second fastest economy in the European Union but with rising pressure to keep costs low and expand services, the role of the chief financial officer has got harder.

Speaking to IBTimes TV at the EIU CFO Summit, Swedbank Latvia's CFO Ansis Grasmanis revealed that increasing personal accountability for regulatory compliance and the company's need to adhere to incoming law changes, such as Basel III, means costs can easily eat into your balance sheet.

On top of that, Grasmanis revealed that after Latvia fell victim to a countrywide cyber security threat, the bank, as well as all others, has had to bolster efforts in the long term to safeguard against more large attacks.

While he says that luckily Swedbank Latvia was not really hit, he said it's just as pertinent a risk as regulatory compliance.

Elsewhere, the economic backdrop is proving to be a lucrative market to be in.

Latvia grew by 3.6% in the last quarter of 2013, making it the second fastest growing economy in the EU.

However, after the introduction to the euro, Latvia's consumer prices rose for the first time, causing concern over the potential negative impact it could have on business.

Grasmanis, however, believes that this was just a blip and the long term benefits will be felt shortly.