An online payment processor would be severely impacted if the fraud detection system has an outage. Which of the following is the BEST way to address this risk?

Implementing continuous control monitoring helps ensure controls are operating effectively, but it does not directly address the severe impact of a critical system's outage by providing recovery capabilities.

Communicating the risk to management is part of risk reporting but does not, by itself, mitigate or respond to the severe impact of an outage.

For a system that would severely impact an online payment processor if it experienced an outage, introducing robust recovery control procedures is the best way to address the risk. These procedures focus on business continuity and disaster recovery, ensuring that if the fraud detection system fails, there are defined steps and mechanisms (e.g., redundant systems, data backups, failover processes) to quickly restore its functionality or enable alternative operations to minimize impact and maintain business operations.

Documenting a risk response plan is important for outlining actions, but 'introducing recovery control procedures' represents the concrete implementation of a critical part of such a plan to deal with an outage.