is this on a windows os?
if it is really sensitive then running it in a vm might not be enough, as then it is going to leave some kind of trace of having been run or installed.
what i mean is - if you are wanting something that someone like a digital forensics person wouldn't be able to find out about, should they get access to your hardware remotely or physically, then absolutely do not presume you are safe just because you used an encrypted volume or a vm.
in those kind of circumstances what you need to do is -
buy, with cash you didn't lift directly from any named account, a computer from a second hand shop.
(bearing in mind that if the drive/s are wiped, then they may not have wiped them with passes that actually prevent forensic recovery of info - in other words, if some shady cunt owned the computer before you, and someone/s law-ish is after them, then if you go online with it they may find out the machine is online and could trace you (via the computers hardware like it's mac address, or via it's os if it's still included on the computer) via your internet connection, if it is a personal internet account linked to your details in any way - i'm not saying anyone should worry un-necessarily about that scenario happening to them if they bought a second hand device, i'm just including it as a possible problem that could happen)
run a live operating system from a disk or usb - there are loads of these available for free (downloading them), but you generally need to know a bit about how they work to use them correctly. there are some windows ones years ago, but mostly people use the linux ones. you won't notice much difference as they are windowed GUIs anyway (ie, regular looking desktop operating systems with clickable icons, user friendly)
better yet - don't install a hard drive, or just unplug it when you run the live operating system. some modern tech is programed to be sneaky and spy on everything you do. like modern car computers record every fucking thing you do in the car, and the scabs will pull those records off it if you ever get into some legal troubles. so i wouldn't put it past some of the modern windows or even some of the others to keep records of you running things like a live os. example - chrome browser, even if you delete your history, will record every fucking thing you ever visited on it, in a separate file that it doesn't delete when you delete everything. that is certainly true as of several versions ago, i haven't checked it recently. flash player was also like that, and may still be. it is rife.
anyway, the live os runs entirely in ram, unless you tell it to run off something else, or allow it access to your hard drives or usb drives. when it stops running, it should leave no traces on your hardware that it ever ran.
so, problem would be of course - if you want to run a windows program? then it isn't going to work in a linux. however there may be live os's that have windows emulators on them, or virtual machines on them. but it'd still be a bit complex or a bit of a pain having to attach a pre-made windows virtual machine on every time you want to run that program. do-able, but a bit lengthy in terms of pre-preparations. plus yes, you would also need to install or run the application you want to hide every time you want to use it. again, there are ways around that - you could have a pre-made windows virtual machine hard drive with that program installed, saved on a usb, and attach it on every time you use the live operating system. but then the problem is you have an install of that program that you want to hide sitting on a usb stick - so maybe no use to you either.
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