Real-Time Risk Management is best described as:

Real-Time Risk Management involves the continuous monitoring and assessment of risks as they occur, rather than relying solely on structured methods or historical analysis. This approach allows organizations to be more agile and responsive to emerging threats or changes in their operating environment.

By focusing on a less formal risk assessment, Real-Time Risk Management enables quicker decision-making and the ability to adapt strategies on the fly. This contrasts with formal analyses of past incidents or structured processes, which may not provide the immediacy required for addressing ongoing risks. Additionally, while compliance reviews are important, they do not capture the essence of Real-Time Risk Management, which is more about proactive engagement with risks in the moment rather than meeting regulatory standards.