In a high-frequency environment, such as a proprietary trading firm or market making firm, the primary goal of the risk management team would be to limit potential losses, but how is that done in this specific environment?

What kind of risk models are used in a high-frequency context? I have a basic understanding of (quantitative) risk management/models, but not in a setting where data is high-frequency and irregularly spaced. Does this change the modelling substantially?

Furthermore, are the following also major considerations?

- Review code written by traders to check for possible shortcomings.
- Review strategies and models to ensure they are sound. 
- Check trade permissions, position limits.
- Check the data in use. 
- Check the hardware and software in use. 

If they do, could you expand on how so?

Thank you in advance.