Max J. Rudolph, FSA CFA CERA FLMI RHU MAAA

Experience

Rudolph Financial Consulting, LLC 2006-present

• Enterprise Risk Management
• Financial oversight and Institutional investment strategies
• Expert witness – insurance industry and economic value
• Syllabus development for Society of Actuaries – Investment track and operational risk modules

Mutual of Omaha Insurance Company 1983-2006

• Financial Risk Management 2001-2006
  • Balance sheet management: ALM, liquidity, capital
  • Account value product management
  • Influenza pandemic planning
• Asset Liability Management (ALM) and Projections 1988-2006
  • Interest rate risk management
  • Asset adequacy testing
  • GAAP/statutory/embedded value projections
• Other experience
  • Valuation: Individual Life/Annuity
  • Pricing
    • Individual: DTC Life, Structured Settlements, payout annuities
    • Group: GICs, payout annuities

Key Recent Accomplishments

• Led efforts to adjust deferred annuity sales and investment strategy
  • Increased enterprise value by 3%
• Implemented ERM process for small/midsize insurance company
• Developed material for investment track and operational risk on-line modules (Society of Actuaries)
• Conducted research on third party asset managers used by insurers
• Provided peer review of insurer's pricing discipline process
• Provided expert witness testimony on actuarial topics
• Managed interest rate risk exposure for enterprise
• Developed recommendations to improve enterprise liquidity and capital ratios
• Led industry initiatives on Enterprise Risk Management (ERM)
• Developed rating agency relationships and presented financial risk measures and management plan to S&P, Moody’s and AM Best
• Developed efficient frontier tool to generate optimal investment strategies
• Developed interactive planning tool to show impact of various strategies
• Utilized networking contacts to develop and report on current investment strategies used by a broad cross section of insurers
• Supervised employees and led key industry initiatives using dispersed teams

Professional Associations

• Society of Actuaries
  • Board of Governors 2004-2007
    • Board Liaison to Joint Risk Management Section 2004-2007
  • Investment Section Chair 2001-02
  • Nebraska Actuaries Club President 2003-04
  • ERM Strategy Task Force Chair 2004-05
  • Influenza Project Oversight Group 2005-2007
  • Author
    • The Actuary (ERM, Risk Based Capital, personal investing)
    • Financial Reporter (Projections, C-3 Phase II)
    • Risk Management, HealthWatch (Pandemic Influenza)
    • ALM Specialty Guide, ALM Principles (team reports)
• American Academy of Actuaries
  • Life Capital Adequacy Subcommittee 2004-present
  • Chair, Economic Scenario Work Group 2007-present
  • RBC C-3 Phase II Task Force 2002-04 (Principles-Based Capital)
  • Enterprise Risk Management Task Force 2005-present
  • Author, Contingencies (risk management jobs)
• CFA Institute
  • Member, CFA Society of Nebraska
• Society of Financial Service Professionals
  • SFSP Omaha Chapter Investment Committee Chair 2004-present
• Life Office Management Association
  • Profitability Committee 1995-99
  • Author
    • Resource magazine (risk of interest rates falling)
    • Team reports: Managing a Life Insurance Company in a High Risk Environment, Asset/Liability Management of Financial Institutions
• LIMRA: published in The Marketer, LIMRA WorldWide (pandemics)
• Speaker most recently at Kansas City and Nebraska Actuaries Clubs, ERM Global Webcast and ERM Symposium.  Recent topics include ALM, ERM and pandemics.

Education

Michigan Technological University

• BS Mathematics 1983  BS Engineering Administration 1983

Designations Earned

Fellow of the Society of Actuaries (FSA) 1994

Chartered Financial Analyst (CFA) 1998

Chartered Enterprise Risk Analyst (CERA) 2007

Fellow, Life Management Institute (FLMI) 1996

Registered Health Underwriter (RHU) 2002

Member, American Academy of Actuaries (MAAA) 1988