Global asset management company PGIM set out to survey institutional investors around the globe to identify tail-risk scenarios with perceived low likelihood of occurrence, but potentially high impact, and low level of preparedness. Our survey aims to provide insights on where these risks may present a weakness for institutional investors—either due to current investments, lack of risk-management oversight, regulatory blind spots or policies that lead to unintended tail events—to discuss lessons learned from the past, and to offer insights on how to best prepare for severe risks.