Max J. Rudolph, FSA CFA CERA MAAA
Max Rudolph is
the founder of Rudolph Financial Consulting, LLC in Omaha, Nebraska. His
consulting practice focuses on implementation of risk management tools
that help organizations make better decisions by extending strategic
time horizons, leveraging regulatory tools and using common sense. He
provides an external view of industry best practices that allows an
honest assessment of current firm practices. One client referred to him
as a “voice of reason.” A frequent presenter and award winning author,
Max is noted for his annual financial predictions, over 10 years of
monthly newsletters, contrarian approach and strong risk network. He is
a private investor, an adjunct professor in the Heider College of
Business at Creighton University, and is affiliated with Hanover Stone
Solutions. He has served on the boards of the Society of Actuaries (SOA)
and CFA Nebraska. His strategic vision is illustrated by his long
association with topics like asset-liability management, enterprise risk
management (ERM), interest rate risk, scenario planning and emerging
risks.
Max has completed research
projects covering emerging risks, investment strategies, value
investing, interest rate risk and ERM. Recent published research
includes Transition to a High Interest Rate Environment: Preparing
for Uncertainty, which considered various future scenarios for
nominal interest rates and reasons why they could occur, and the
11th Survey of Emerging Risks, which trends and
analyzes risk manager thoughts about emerging risks (he is now working
on his 12th survey!). Max has participated in numerous
project oversight groups, including several which the Society of
Actuaries completed that covered the Delphi process, working with
futurist Ted Gordon. He is currently working on research related to low
growth scenarios and investment year method crediting strategies.
Max helps insurance companies
develop and improve their enterprise risk management (ERM) process. He
provides advice and peer review for companies filing an ORSA report and
develops industry best practice asset-liability management (ALM) and
liquidity practices. He is the Chief Risk Officer for a small financial
institution start-up and develops intrinsic values for various types of
non-traded assets as an expert witness.
Max is an adjunct professor at
Creighton University’s Heider College of Business. He teaches online
master’s level classes for the Master of Investment Management and
Security Analysis program and is currently developing classes for a
master’s level ERM program.
Max has developed educational materials related to ERM and investment
topics for companies and professional organizations. He was named a
thought leader in the ERM discipline by the Society of Actuaries. He
recently presented on various topics at the SOA annual meeting, ERM
Symposium, CAS annual meeting, Bermuda International Life and Annuity
Conference, Hanover Stone Solutions regulatory conference, NAMIC Boot
Camp, Kansas City Actuaries Club, and the NAIC CIPR seminar. He has a
long history of volunteer service, including Chair of the SOA’s
Investment Section, Chair of the AAA’s Economic Scenario Work Group, and
received the SOA President’s Award for his efforts helping to develop
and implement the CERA credential. Max recently joined the SOA Research
Executive Committee. He serves on the Actuarial Standard Board’s
Enterprise Risk Management Task Force that developed Actuarial Standards
of Practice 46 and 47 on ERM and is currently working with a team
developing an ASOP covering capital assessment practices for insurers.
Max graduated from Michigan Technological University with degrees in
Mathematics and Engineering Administration, is a credentialed actuary
and CFA charter holder. You can find his monthly newsletters and annual
financial predictions, along with many of his articles, papers and
presentations, at
www.rudolph-financial.com.
Max J. Rudolph, FSA CFA CERA FLMI RHU MAAA
Principal, Rudolph Financial Consulting, LLC
5002 S 237th Cir
Elkhorn, NE 68022
(402) 895-0829
max.rudolph@rudolph-financial.com
Twitter @maxrudolph
Experience
Rudolph Financial Consulting, LLC 2006-present, Founder and Principal
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Enterprise Risk Management and Asset/Liability Management strategist
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Research projects including ERM, Investments, Interest Rates, Low
Growth, IYM Crediting Strategies and Emerging Risks
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ORSA preparation, peer review and gap analysis
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Continuing education using online modules, courseware and live
seminars
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Expert witness valuing complex/illiquid assets and liabilities
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White papers covering sustainability and systemic risk
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Proof of concept analysis – economic pricing one off products
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Various call for essays including topics related to sustainability,
pensions, personal investing and ERM
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Monthly newsletters and annual predictions since 2007
Hanover Stone Solutions, LLC 2016-present
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Enterprise Risk Management implementation and ORSA strategist
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Rating agency presentation peer review
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Seminar developer/presenter – ERM for regulators presented multiple
times
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Contributor to Society of Financial Examiners magazine – 4 articles,
winner of The 2017 Editor’s Choice Award
Creighton University Heider College of Business 2011-present
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Adjunct Professor, Master of Investment Management and Security
Analysis program
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Ethics
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Institutional
investment practices
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Adjunct Professor,
Enterprise Risk Management program (in development for 2019)
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Foundations of
Enterprise Risk Management
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Investments in
an ERM context
Deker Corporation 2018-present
Mutual of Omaha Insurance Company 1983-2006 VP, Financial Risk
Management
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Financial Risk Management
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Value added strategic planning
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Balance sheet management: ALM, liquidity, capital, credited rate
strategy
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Account value product management
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Asset Liability Management (ALM) and Projections –
Life/Annuity/Health
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Asset adequacy testing
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GAAP/statutory/embedded value projections
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Valuation: Individual Life/Annuity, Group Annuity
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Pricing: DTC Life, Structured Settlements, payout annuities, GICs
Research
o
In process for 2019: A Low Growth World: Implications for the insurance
industry and pension plans, Investment Year Method crediting strategy,
12th Survey of Emerging Risks
o
Reviewing Systemic Risk within the Insurance Industry (2017)
o
Transition to a High Interest Rate Environment: Preparing for
Uncertainty (2015)
o
Survey of Emerging Risks (annually since 2008)
https://www.soa.org/research-reports/2015/research-emerging-risks-survey-reports/
o
Sustained Low Interest Rate Environment: Can It Continue and Does it
Matter (2014)
o
Why Should We Care About Sustainability (2013)
o
Value Investing and ERM: Two Sides of the Same Coin (2013)
o
U.S. Insurance Company Investment Strategies in an Economic Downturn
(2011)
o
ERM as applied to Health Insurers (2009)
Key Accomplishments
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Implemented and improved ERM process for small and midsized
insurance companies
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Peer reviewed company ERM/ORSA readiness, identified gaps
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Adjusted company product/investment strategy, reducing focus on
deferred annuities, RMBS and junk bonds (2006), increasing firm’s
economic surplus by 5%
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Developed asset-liability management process for insurer and
communicated recurring results to senior management and board
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Facilitated e-learning Masters of Investment Management courses as
adjunct professor at Creighton University
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Developed courseware for SOA Enterprise Risk Management track
actuarial exam
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Developed material for SOA Investment and ERM track modules
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Developed study guide for SOA Investment track actuarial exam
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Developed and presented ERM course materials
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Developed rating agency relationships and presented financial risk
measures
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Developed interactive planning tool showing impact of strategies on
income statement
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Developed and facilitated professionalism case studies and
interactive workshop
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Wrote white papers on sustainability practices and systemic risk
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Valued/priced various projects with present value calculated from
limited historical experience of company defaults
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Ad hoc projects calculating value of insurance policies, non-liquid
assets and liabilities for high net worth clients and proof of
concept insurance ideas
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Facilitated board level ERM discussions at insurance companies
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Quoted by publications including Wall Street Journal, Thomson
Reuters, Global Finance, CFO, Treasury & Risk Management, USA Today,
Bloomberg Business Week, Insurance Networking News, Investor’s
Business Daily, Global Finance, IT Business Edge, LifeHealthPro,
Actex Publications, Security Ledger, Insurer’s Business America
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Participated on webcasts/podcasts sponsored by SOA, Security Ledger,
Risk & Insurance, and Actex
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Contributor to SOA Riskpertise blog and Word Press RiskViews
Professional Associations
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Society of Actuaries
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Board of Governors 2004-2007
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Named thought leader in ERM, awarded Chartered Enterprise Risk
Analyst (CERA) credential
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President’s Award 2010 for work related to development of CERA
credential
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Investment Section Chair 2001-02 (council member 1999-2002)
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Nebraska Actuaries Club President 2003-04 (board member
1999-2005)
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Volunteer on numerous committees and research project oversight
groups
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Publications
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The Actuary (articles on Interest rate risk, ERM, Risk Based
Capital, personal investing, emerging risks, ERM vs. value
investing, sustainability)
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Financial Reporter (projections, valuation of variable
annuity products)
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Risk Management (emerging risks, interest rates)
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Risks & Rewards (insurer investing practices, letters from
the chair)
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HealthWatch (pandemic influenza, ERM)
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ALM Specialty Guide, ALM Principles (team reports)
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SOA News Canada (ERM lessons)
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Project Manager
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Yield Curve Extrapolation Methods
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Immigration Effects on Metropolitan Housing Markets in the
United States
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A Tale of Two Pension Plans: Measuring Pension Plan Risk
from an Economic Capital Perspective
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American Academy of Actuaries
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Life Capital Adequacy Subcommittee 2004-2011, during early PBR
development
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Chair, Economic Scenario Work Group 2007-2009, member
2007-present
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RBC C-3 Phase II Task Force 2002-04, Variable annuity reserves
and capital
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Publications
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Contingencies Nov/Dec 2016 Interest Rate Volatility: Be
Proactive
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Actuarial Standards Board
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Member, Enterprise Risk Management Task Force 2010-present
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ASOP 46 Risk Evaluation in Enterprise Risk Management
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ASOP 47 Risk Treatment in Enterprise Risk Management
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Exposure Drafts, Capital Adequacy Assessment for Insurers
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CFA Institute
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Board member, CFA Society of Nebraska 2012-2014
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Publications
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CFA magazine (Insurer Investment Practices)
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Life Office Management Association
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Profitability Committee 1995-99
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Publications
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Resource magazine (risk of interest rates falling - 1999)
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Team reports: Managing a Life Insurance Company in a High
Risk Environment, Asset/Liability Management of Financial
Institutions
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Other articles published in
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Carrier Magazine (scenario planning)
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Benefits Pro magazine (emerging risks)
o
Society of Financial Examiners - SOFE Examiner magazine -
2017 Editor’s Choice Award
o
Implementing ORSA - Aligning ORSA Reporting with Existing Frameworks
o
How do Risk Profile,
Risk Capacity, Risk Appetite, and Risk Tolerance Help Financial
Examiners View Solvency
o
What insurance Regulators Need to Know about Key Performance Indicators
and Key Risk Indicators
o
Capital Assessment for Insurers (primary author)
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Interviews posted by Security Ledger
https://securityledger.com/2016/02/podcast-an-actuarys-view-of-cyber-risk/
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Omaha Society of Financial Service Professionals
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Investment Committee Chair, 2005-2013
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LIMRA: published in The Marketer, LIMRA WorldWide (pandemics)
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Speaker most recently at SOA annual meeting, University of Nebraska,
Maryville University, ERM Symposium, Bermuda International Life &
Annuity Conference (BILTIR), NAIC Regional ERM Boot Camp, NAMIC Boot
Camp, Kansas City Actuaries Club, Plains Region State Farm agents,
CAS annual meeting, NAIC CIPR, Life Insurance Conference, Retirement
Industry Conference, International Congress of Actuaries, Drake
University, University of Manitoba, Nebraska Actuaries Club, Metric
Stream, Nexus Risk Management, American Fraternal Alliance, Iowa
Actuaries Club, IASA CFO Roundtable, Investment Symposium, LOMA ERM
for Smaller companies, LIMRA LIC, CAS CLRS and In Focus. Recent
topics include Interest Rate Risk, Scenario Planning, Emerging
Risks, and Enterprise Risk Management.
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Rotary International
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Past President, Omaha Morning Rotary (2000-2001)
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University of Nebraska-Lincoln
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Member, Advisory Committee, Chair of Actuarial Science
(2004-2007)
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American Legion Baseball Post 374 MS Baseball, Inc.
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Board member (2014-2018), Treasurer (2014-2017), Secretary
(2017-2018)
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President (2015) as team advanced to American Legion World
Series
Education
Michigan Technological University
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BS Mathematics 1983 BS Engineering Administration 1983
Credentials
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Fellow of the Society of Actuaries (FSA) 1994
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Chartered Financial Analyst (CFA) 1998
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Chartered Enterprise Risk Analyst (CERA) 2007, thought leader
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Member, American Academy of Actuaries (MAAA) 1988
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Fellow, Life Management Institute (FLMI) 1996
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Registered Health Underwriter (RHU) 2002
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