IRAY Error Unable to Allocate Memory

Hi all, I hope this is the right place for this. I have been trying to research the issue through Daz, but the problem seems like it might be related to the IRAY plugin rather than DAZ itself, so I am hoping someone here can point me in the right direction to resolve this.

I am using Daz3d using the IRAY rendering engine, and am trying to understand an error message that seems to be generated by IRAY and then passed to Daz, hoping someone here can give me guidance on how things should work since the Daz forums have not been very informative on the issue.

Software: Daz3d 4.12.1.117
GPU: EVGA RTX 2080Ti XC2

Error Message: WARNING: …\src\pluginsource\DzIrayRender\dzneuraymgr.cpp(353): Iray [ERROR] - IRAY:RENDER :: 1.3 IRAY rend error: Unable to allocate 4194304 bytes from 4554616012 bytes of available device memory

Basically, (as I understand it) the render fails because it could not allocate 4MB of VRAM when there are 4.5GB unused. This is following an attempt to render immediately after rebooting the computer, so fragmentation should not be an issue.

How can I fix this issue? What would cause this?

Perhaps related, I do see a lot of posts on the Daz forums indicating that others get a similar error message but indicating the card is actually out of memory… should the IRAY renderer be able to handle hitting the memory cap and just be able to continue working, managing the memory usage as it goes? Slower, sure, but not crashing?