If you use the Windows Named Event to change the alarm, then everything should be OK.
Process A modifies the data and calls SetEvent.
B WaitForSingleObject , , .
B . WaitForSingleObject , , , SetEvent, B.
, - SetEvent, , B .
, Mutex, CreateMutex, , Interlocked..., InterlockedExchange InterlockedIncrement.
, MapViewOfFile .