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Enterprise Risk Management



ERM Topics

Max was asked to participate in the Drake Actuarial Roundtable on March 11, 2013 as they addressed ERM topics.  He shared thoughts from the Emerging Risks Survey as well as talked about systemic risks and how regulation could be improved to better address future systemic risks.





The LOMA/LIMRA Life Insurance Committee invited Max to share his thoughts on applying Enterprise Risk Management to smaller insurers during this full day seminar on October 11, 2012. 




The Evolution of Insurance Companies'  Investment Strategy : Survey Results

Max presented the Insurer Investment Practices during the Crisis research to the Actuaries Section of the American Fraternal Alliance on June, 2011

Huffington Post Blog

Max updated his financial essay on the importance of skepticism, and the Huffington Post published it as a blog on June 7, 2011

LOMA ERM Committee

Max was asked to lead an interactive discussion about Enterprise Risk Management when the LOMA ERM Committee visited Omaha on March 23, 2011

ERM for Smaller Companies

Max facilitated a session for smaller companies at the 2011 ERM Symposium on March 15, 2011.  Here are some potential topics used to generate discussion. 




Perfect Sunrise: A Warning Before the Perfect Storm

Max captured 2nd prize in a call for financial essays in Fall 2010 sponsored by a consortium of actuarial organizations.  You can read all of the essays at http://www.soa.org/library/essays/fin-crisis-essay-2011-toc.aspx .

Adding Value with Enterprise Risk Management

Max presented an ERM Overview to the Twin Cities Actuarial Club on October 28th, 2010.

Adding Value at Health Insurers with ERM

Max presented his ERM at Health Insurers research during a webinar sponsored by the SOA Health Section on August 25th, 2010.  

SOA Spring Health Meeting

Max presented a session detailing his ERM at health insurer project as a lead-in to discuss methods insurers could use at health companies to increase returns relative to risk accepted using investment tools. This session was also recorded by the SOA.

ERM at Health Insurers/Emerging Risks at the Kansas City Actuarial Club

Max presented a session combining his ERM at health insurer project with his most recent work on Emerging Risks at the Kansas City Actuarial Club’s all day seminar June 21, 2010.

ERM as a Competitive Advantage

Max was asked by SOFE to write an article showing how Risk Focused Examinations can leverage work already being done at insurers.  It appeared in the Examiner, Volume 35, Number 1, Spring 2010.  The Examiner is a professional magazine published by the Society of Financial Examiners. 

University of Central Florida

Max presented to Steve Kellison's University of Central Florida class with an overview of ERM on February 23, 2010

What does ERM mean for Health Practitioners

This article in the SOA's Health Watch newsletter introduces ERM for health practitioners who have not been previously exposed to it. 




ERM Presentation at University of Waterloo

Max's talk on Enterprise Risk Management was presented October 13, 2009, at the University of Waterloo through the WatRISQ seminar Program.

The approximate 1 hour talk has been segmented into 9 sections and posted on YouTube.  Thanks to WatRISQ for providing this video.

Video 1

Video 2

Video 3

Video 4

Video 5

Video 6

Video 7

Video 8

Video 9


University of Central Florida

Max spoke at Steve Kellison's Praticum Class covering Enterprise Risk Management  March 17, 2009

National Underwriter article – ERM Survey

Max was interviewed in connection with a survey taken at the 2009 ERM Symposium, where he served as chair.




Global ERM Webcast

Max spoke on the topic Does ERM need an Economic Capital Model  Dec 10, 2008


Max represented the Academy of Actuaries at the LHATF Meeting  Dec 4, 2008

CERA Seminar

Max presented ERM -Using it to Make Money   Nov 21, 2008

SOA Annual Meeting

Max presented ERM for Smaller Companies   Oct 20, 2008

Kansas City Actuaries Club

Max presented ERM and PBA: Managing the Planning Process  June 24, 2008

ERM Symposium Workshop Banks and Insurers

Max presented ERM: Tools Used by Life Insurers  April 14, 2008

CERA Seminar

Max presented ERM: Leveraging the Regulatory Base  April 13, 2008

University of Nebraska-Lincoln

Max presented to the UNL School of Business faculty on the topic Enterprise Risk Management  Feb 15, 2008

University of Central Florida Actuarial Practicum Class

Max presented an ERM introduction to Steve Kellison's class at UCF.  Feb 5, 2008

ERM Global Best Practices in ERM for Insurers and Reinsurers

Max presented ERM from an investor's perspective on this international webcast.  Jan 16, 2008




ERM Presentation Kansas City Actuaries Club

Max presented an introduction to ERM as well as some background on the new CERA designation.  Nov 19, 2007

ERM as a Competitive Advantage

Author, Publication, Date: Max J Rudolph, The Actuary, April/May 2007

In this article, Max shows how financial models used in a Principles-Based environment can be leveraged to add firm value.




Adding Value with Risk Management Tools

Author, Publication, Date: Max J Rudolph, The Actuarial Society of Hong Kong Newsletter, Oct, 2006

SOA annual meeting October 2006 session 75 Handouts




SOA Annual Meeting November 2005 Session 17 Handout

ERM is presented to pension actuaries.



Principles-based regulation of variable annuities Proposals now at pivotal stage
Author, Publication, Date: Max J. Rudolph, FSA, CFA, MAAA, The Actuary, Apr 01, 2004

Excerpt: Computers have gotten faster and actuaries have used this improved technology to develop increasingly complex product designs. Products are often designed to perform well in "normal" times, where expected value analysis is adequate, but are susceptible to low probability, high impact, events. Regulation can temporarily get out of sync with the "next generation" of products. This is nothing new. As equity markets dropped in the early years of the new millennium, the risk associated with providing various forms of performance




Update: RBC C-3 Phase II
Author, Publication, Date: Max J Rudolph, Financial Reporter, Sep 01, 2003

Excerpt: This is a brief update to the RBC C- 3 Phase II article in the last Financial Reporter and a companion to Jim Lampson's article? Update on Valuation of Variable Annuity Guarantees,? appearing on page 12 of this newsletter. The RBC and reserve groups continue to work closely together.

Current AAA Recommendation for RBC C-3 Phase II
Author, Publication, Date: Max J Rudolph, Financial Reporter, Jun 01, 2003

Excerpt: Recently there has been a number of articles detailing large losses and accelerated DAC amortization of equity-driven products. This has confirmed that better methods are required, both to value these product lines and to set capital requirements. Recognizing this, the Life Risk Based Capital Working Group of the NAIC (LRBCWG) asked for a recommended capital standard from the American Academy of Actuaries (AAA). In response, the Life Capital Adequacy Subcommittee's C-3 Work Group (the Work Group), chaired by Bob Brown, formulated an approach for setting regulatory risk based capital requirements for variable products with guarantees. This recommendation excludes index guarantees and has been dubbed RBC C-3 Phase II.




Using Risk Management to Optimize Value
Author, Publication, Date: Max J Rudolph, Record of the Society of Actuaries, Jan 01, 2002

Excerpt: Summary: Attendees learn about tools used to manage enterprise risk and optimize firm value. Potential topics include economic surplus, earnings at risk, and law of one price. Attendees learn how various risk-management tools can complement each other.




Risk Management Practices in the Insurance Industry
Author, Publication, Date: Max J Rudolph, Record of the Society of Actuaries, Jan 01, 2001

Excerpt: Risk management is central to running a successful insurance operation. This means that insurers must be able to measure and monitor their risks in a way that in turn allows them to choose risk management tools which will effectively help them manage and/or exploit these risks. In late 1999, a working group was set up by the Society of Actuaries? Finance Practice Area to look at how the insurance industry measures and monitors risk through risk position reporting. This session discusses the soon-to-be-released findings of this working group. The survey presented includes life, P/C, and multi-line companies as well as a comparison to practices in the banking industry and European insurers. This session was repeated in Toronto as Session 18PD with the same title and will be in the Record, Volume 27, No. 2, Toronto Spring Meeting.


Enterprise Risk Management Meets Unified Valuation System
Author, Publication, Date: Max J Rudolph, Record of the Society of Actuaries, Jan 01, 2001

Excerpt: Summary: There appears to be many similarities between enterprise risk management techniques and the theory underlying the unified valuation system (UVS). What are the challenges of each, and can the methods learn from each other?



Bells and Whistles or Time Bombs: The Costs of Long-Term Guarantees
Author, Publication, Date: Max J Rudolph, Record of the Society of Actuaries, Jan 01, 1999

Excerpt: Summary: For decades, insurance companies have sold products with features that seemed minor at the time. With interest rates reaching all time lows and continuing mortality improvements, have these features moved up to the major leagues? The panel discusses the risks of some of these guarantees and the potential costs. Topics include: · Guaranteed annuity purchase rates? how close are current rates to the guarantees? · Guaranteed minimum credited rates · Guaranteed bonus rates? minimum plus?



Uses for Your Cash-Flow Testing Model
Author, Publication, Date: Max J Rudolph, Financial Reporter, Aug 01, 1995

Excerpt: Summer is a good time to reflect on models used for cash-flow testing (CFT). The insurance industry supports asset-adequacy testing (AAT) requirements quite well, and the body of knowledge continues to expand. We should congratulate ourselves on this accomplishment and then investigate ways in which these models can be used to learn even more about the products we sell.


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