Council Members

Northwestern Mutual

Deb A. Schultz is Vice President – Chief Risk Officer (CRO) of Northwestern Mutual.  Schultz was appointed to this role in December 2022 and is responsible for enterprise risk management oversight.  She is also a member of Northwestern Mutual’s Finance Leadership team.


Previously, Schultz was Vice President – New Business and the head of the New Business Department.  In this role, Deb ensured high quality underwriting execution across the product lines while delivering an efficient seamless purchase experience with an unwavering commitment to long-term financial strength.


Schultz held other roles within the Company during her 17-year tenure.  She was formerly the Vice President – Financial Management and the head of Northwestern Mutual’s Financial Management Department.  In this role, her responsibilities included leading the Financial Management Department and its four divisions which include Budget & Expense Management, Sourcing and Procurement, Insurable Risk Management, and Treasury.  Schultz was also a former member of the Actuarial Department serving as a Senior Actuary, where she had responsibility for the annuity and retirement benefits teams within the Actuarial Department. 


Before joining Northwestern Mutual, Schultz was a consulting actuary with Towers Perrin.  During her years with Towers Perrin, Schultz consulted to several large companies on the financial management of their pension and post-retirement medical plans while serving as plan actuary.


Schultz received her bachelor's degree in Business Administration with majors in Actuarial Science and Risk Management & Insurance from the University of Wisconsin – Madison and her Master of Business Administration degree from Northwestern University.  She is a Fellow of the Society of Actuaries, a Fellow of the Conference of Consulting Actuaries, an Enrolled Actuary under ERISA, and a Member of the American Academy of Actuaries.


Schultz is passionate about strengthening education in the community and serves on the board of Howard Fuller Collegiate Academy. 


Schultz resides in Oconomowoc, WI with her husband, Cory.