Real-time risk mitigation involves risk reduction methods that reduce the severity of loss or the likelihood of loss from occurring within real-time.
Downtime is measured in thousands, even millions of dollars per second.
Constant security threats and intense scrutiny by regulators and auditors require complete visibility and accountability, both in real-time and historically. By developing integrated data security isolations, preemptive loss-controls, and transmission redirects, one can limit risks to a single iteration or event. Cascading digital risks are minimized if not limited in effect when addressed in real-time.
Real-time computing is sometimes misunderstood to be high-performance computing, but this is not always the case. For example, a massive supercomputer executing a scientific simulation may offer impressive performance, yet it is not executing a real-time computation. Furthermore, if a network server is highly loaded with network traffic, its response time may be slower but will (in most cases) still succeed. Hence, such a network server would not be considered a real-time system: temporal failures (delays, time-outs) are typically small and compartmentalized (limited in effect) but are not failures.
Real-time computations can be said to have failed if they are not completed before their deadline, where their deadline is relative to an event result. Therefore, the most important requirement of a real-time system is predictability, not performance.
Risk management is a practice of systematically selecting cost effective approaches for minimizing the effect of threat realization to the organization. All risks can never be fully avoided or mitigated simply because of financial and practical limitations. Therefore all organizations have to accept some level of residual risk.
Risk mitigation tends to be preemptive and is applied to deal with the consequences of realized residual risks. The necessity to have risk mitigation in place arises because even very unlikely events will occur if given enough time. Risk management and risk mitigation are often mistakenly seen as rivals or overlapping practices. In fact they are so tightly tied together that such separation seems artificial.
Online risk management proposes applicable controls for the observed risks. Therefore, risk management covers several areas that are vital for real-time risk mitigation and insured business continuity to be possible.
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