The availability of computationally powerful and energy-efficient wireless sensing units or WSUs (one or more arranged in the form of a network in the vicinity and/or within a structure of interest) has led to new developments in the field of building and seismic strong motion monitoring. These WSUs can serve several functions. Those of largest earthquake engineering and engineering seismology interest are the recording of ground shaking the building is subjected to, as well as its response, and the capability of running rapid seismic risk analyses on the basis of vulnerability models of the structure, possibly coupled with recorded data. The REAKT project has shed light on a number of prospective applications of the last generation of monitoring devices for seismic risk management of critical structures. These applications refer to real-time and near-real-time risk assessment, that is: earthquake early warning, immediate post-event response evaluations based on recorded shaking, and short-term aftershock risk management for automated building tagging. This paper summarizes these perspectives that, despite still presenting some challenges that may limit readiness to date, have potential for scientific innovation in the field.