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Oracle 1z0-1058-23 Oracle Risk Management Cloud 2023 Implementation Professional Exam Practice Test

Demo: 22 questions
Total 75 questions

Oracle Risk Management Cloud 2023 Implementation Professional Questions and Answers

Question 1

Which controls can user A manage for the following Control Manager role Configuration? See details of perspective trees and control-perspective association below.

Options:

A.

All controls

B.

Controls 2 and 4

C.

Controls 1, 2, and 4

D.

None

E.

Controls 1 and 2

Question 2

Your client has asked you to define a transaction model to identify duplicate invoices based on Invoice Numbers and Invoice Amounts.

Which two standard filters can be combined to accomplish this? (Choose two.)

Options:

A.

The “Payables Invoice” object’s “Supplier ID” does not equal itself.

B.

The “Payables Invoice” object’s “Invoice ID” is similar to the “Payables Invoice” object’s “Invoice Number”.

C.

The “Payables Invoice” object’s “Invoice Amount” is equal to itself.

D.

The “Payables Invoice” object’s “Invoice Number” is equal to the “Payables Invoice” object’s “Invoice ID.”

E.

The “Payables Invoice” object’s “Invoice Number” is equal to itself.

Question 3

Which three are true about implementing a best practice solution for Financial Reporting Compliance? (Choose three.)

Options:

A.

Large scope of project requires high effort for maintenance and administration.

B.

It promotes rapid implementation and go-live.

C.

It promotes go-live with minimal acceptance testing and user training.

D.

It provides maximum return on investment with minimum project risk.

E.

It promotes successful adoption and minimizes on-going cost of operation.

Question 4

At the last step of initiating assessments, the assessment manager sees who the assessment participants are (to complete, review, and approve the assessments). If the assessment manager wants to change the participant, who completes the assessment, what should he or she do?

Options:

A.

Modify the perspective hierarchy in the last step of initiating assessments.

B.

Modify the participant list in the last step of initiating assessments.

C.

Request the administrator to change the Perspective in Data Security Policy for the Control Manager’s job role.

D.

It is not possible to change the participants after Data Security Policies are assigned.

E.

Request the administrator to assign Data Security Policies with correct perspectives to the Assessor’s job role.

Question 5

The control manager needs to associate an existing test plan to an additional assessment type, Audit Test. The existing test plan is associated only with the Design Review assessment type.

How can this be accomplished?

Options:

A.

The control manager should create a new test plan with Audit Test and Design Review as assessment types.

B.

The control’s test plan should be updated to include both Audit Test and Design Review as assessment types.

C.

The control manager does not need to update the control because any initiated assessment will include all control test plans.

D.

The control’s test plan should be updated to Audit Test as the assessment type.

Question 6

When you view or edit a transaction incident, you may see extra columns that are not present in the business objects used in the control.

What three kinds of control logic or conditions can cause this? (Choose three.)

Options:

A.

Equals (when the same attribute is used on both sides of the condition)

B.

Not in

C.

Similar

D.

Average Function

E.

Between (when using a date attribute)

Question 7

During an assessment, an issue was created. Your job as the Issue Manager is to review the issues and validate them. If it is determined that they are not valid issues, you need to close them. You have found an issue that is not valid and with Status: Open and State: Reported.

Identify the correct step to close this issue.

Options:

A.

On the Manage Issues page, highlight the issue and click the Close button.

B.

The assessment associated to the issue must be completed before closing the issue. Only then can you close the issue.

C.

After you have completed the remediation plan, click the Close button on the Remediation Plan page.

D.

Ensure that the issue status is In Edit, and then from the Actions menu, select Close Issue.

Question 8

Which part of the security structure cannot be created or viewed from the Security Console, when configuring security for Financial Reporting Compliance?

Options:

A.

Composite Duty Role

B.

Job Role Perspective Policy

C.

Data Security Policy

D.

Functional Security Policy

Question 9

You have built a transaction model to identify possible duplicate charges between invoicing and expense credit cards. The model logic already includes two standard filters that identify amounts and suppliers that are the same or similar, as shown:

Which additional date filter will further refine the set of duplicate charges found?

Options:

A.

The “Payables Invoice” object’s “Invoice Date” attribute is greater than the “Expense Report Credit Card Transaction” object’s “Transaction Date” attribute.

B.

The “Expense Report Credit Card Transaction” object’s “Last Updated Date” attribute is greater than the “Relative Value” of 3 months.

C.

The “Expense Report Credit Card Transaction” object’s “Transaction Date” attribute is not blank.

D.

The “Payables Invoice” object’s “Invoice Date” attribute is similar to the “Expense Report Credit Card Transaction” object’s “Transaction Date” attribute within +/- 10 days.

Question 10

A Control Manager has changed the status of an issue to “In Remediation” and has submitted it.

What will be the state of the Issue if there is no issue validator, reviewer, or approver configured?

Options:

A.

In Review

B.

Active

C.

Reported

D.

Approved

E.

In Edit

Question 11

Which filter can be used to identify expense reports that contain suspicious expense type combinations, such as, a report for a single trip that contains taxi, car rental, and mileage expenses?

Options:

A.

Inclusive function filter grouped by the “Expense Report Information” object’s “Report Number” where the “Expense Type” has an “Equals” condition for values that include taxi, car, mileage.

B.

Inclusive function filter grouped by the “Expense Report Information” object’s “Report Number” where the “Expense Type” has an “In” condition for values that include taxi, car, mileage.

C.

Inclusive function filter grouped by the “Expense Report Information” object’s “Person” where the “Expense Type” has an “In” condition for values that include taxi, car, mileage.

D.

Inclusive function filter grouped by the “Expense Report Information” object’s “Report Number” where the “Expense Type” has an “In” condition for values that include taxi, car, mileage.

E.

Inclusive function filter grouped by the “Expense Report Information” object’s “Person” where the “Expense Type” has an “In” condition for values that include taxi, car, mileage.

Question 12

Your client has subscribed to Financial Reporting Compliance and would like to address risks using treatment plans.

Which option shows the settings that will help in achieving this configuration?

Options:

A.

Configure Module Perspectives > Edit Financial Reporting Compliance > Risk-Organization mapping set to required, active.

B.

Configure Module Objects > Edit Risk Object Configuration > Treatment = Show

C.

Configure Module Objects > Edit Risk Object Configuration > Treatment = Hide and Default

D.

Configure Module Objects > Edit Control Object Configuration > Result = Show

E.

Configure Module Objects > Edit Risk Object Configuration > Result = Show

Question 13

Which two filters must be combined to identify different suppliers who use the same taxpayer ID? (Choose two.)

Options:

A.

Function filter grouping by “Supplier ID” where count is greater than 1.

B.

Standard filter where the “Supplier” object’s “Supplier ID” is equal to itself.

C.

Function filter grouping by “Taxpayer ID” where count is greater than 1.

D.

Standard filter where the “Supplier” object’s “Allow Withholding Tax” is not blank.

E.

Standard filter where the “Supplier” object’s “Taxpayer ID” is not blank.

Question 14

You are gathering requirements on how your client performs control assessments. Which three tasks should you complete to set up assessments in Financial Reporting Compliance? (Choose three.)

Options:

A.

Identify the type of assessments included in each assessment cycle.

B.

Understand the sample size for each audit test.

C.

Determine if control assessments are planned ahead of time or are run impromptu.

D.

Determine the main objectives of deploying the control.

E.

Determine whether assessments templates, plans, and completed assessments need to go through a review and approve workflow.

Question 15

You are validating your customer’s import template before import. The customer requires that all controls be set up so they are noted to be used for the Audit Test assessment type. How do you verify that this has been done?

Options:

A.

The Assessment Flag and the Audit Testing Flag are both set to “Y.”

B.

The Control has a related process.

C.

The Control status filed is set to “Audit Test.”

D.

The Control comment filed has a notation for “Audit Test.”

Question 16

The GRC Business owner responsible for reviewing and investigating access incidents related to the “Order to Cash” perspective does not see any worklists for the generated results. You have validated that:

1. Other business owners are able to view their assigned worklists without any problem

2. Incidents have been generated for the controls related to Order to Cash

3. The business owner’s assigned roles contain the correct functional privileges and data access to the correct perspective values

What is the reason the business owner cannot see any worklists for the generated incidents?

Options:

A.

The Result Management Perspective Assignment has not been linked.

B.

The underlying model is not linked to Order to Cash.

C.

The business owner was recently assigned the role and the worklist needs to be refreshed.

D.

Worklist assignment does not include the business owner.

E.

The Control Perspectives are not linked to the control.

Question 17

Identify the four statuses and states in which you can edit an issue’s description, assuming you have the necessary privileges to edit the issue. (Choose four.)

Options:

A.

Status: On Hold; State: In Review

B.

Status: Closed; State: Final Close

C.

Status: Open; State: Approved

D.

Status: Closed; State: Closed – Awaiting Approval

E.

Status: Open; State: In Edit

F.

Status: On Hold; State: Awaiting Approval

G.

Status: Open; State: New

Question 18

You have defined an initial Perspective Hierarchy for your client in the Advanced Controls module. After refining their business requirements, your client wants to expand the existing hierarchy to include 150 perspective items in various levels. For efficient processing, you decide to use the GRC data migration feature to import the new items.

Which three are valid processing steps required to define the export file? (Choose three.)

Options:

A.

Navigate to Risk Management Tools > Setup and Administration > Data Migration, and select Advanced Controls.

B.

Generate Template as Without Data.

C.

Navigate to Manage Module Perspectives.

D.

Generate Template as Without Data – Perspectives Only.

E.

Click the Create Import Template button.V

Question 19

You need to schedule the report “Access Violations by User.” Which two steps do you take to create the saved parameters for the report schedule? (Choose two.)

Options:

A.

Navigate to Administration Reports.

B.

Highlight the report name and click Run Now.

C.

Navigate to Scheduling under Setup and Administration.

D.

Click Save Report Parameters to create saved settings.

E.

Select Display Scheduled Reports.

Question 20

Your customer has a requirement to define an IT Compliance Manager job role with privileges to manage risks and controls, and the issues related to the risks and controls.

What are the duty roles that must be included in this job role to achieve this requirement?

Options:

A.

Seeded Issue Manager Composite and Issue Validator Composite

B.

Seeded Risk Issue Manager and Control Issue Manager

C.

Seeded Issue Manager Composite

D.

Seeded Risk Manager Composite, Control Manager Composite, and Issue Manager Composite

Question 21

You are implementing Advanced Access Controls and there is a requirement for a control to monitor user access to specific, client-defined access points which give users the ability to both initiate a purchase order and approve payments on that purchase order.

Which is a valid option to implement the control?

Options:

A.

From the “Access Entitlements” page create two entitlements containing the respective client-defined access points. Create an access model from the “Models” tab of Advanced Controls, based on the entitlements you created.

B.

Select Actions > Create Access Control from the “Controls” tab of Advanced Controls.

C.

Create an access model from the “Models” tab of Advanced Controls, and then define an access point filter for each individual client-defined access point.

D.

From the “Access Entitlements” page create two entitlements containing the respective client-defined access points. Create an access model from the “Models” tab of Advanced Controls, based on the entitlements you created. Finally, deploy an access control in the “Controls” tab of Advanced Controls, and select the access model you created.

E.

Create an access entitlement from the “Access Entitlements” page, then select Actions > Create Access Control from the “Controls” tab of Advanced Controls, and select the entitlement you created.

Question 22

Which two would need to happen in order for Advanced Access Controls (AAC) to automatically assign a status of “Closed” to an access incident? (Choose two.)

Options:

A.

The incident is resolved in Fusion Cloud and a subsequent evaluation of controls finds that the incident no longer exists.

B.

A global condition was added that resolves the conflict and a subsequent evaluation of controls finds that the incident no longer exists.

C.

A user sets the State of the incident to “Remediate”.

D.

The incident is resolved using simulation in AAC and a subsequent evaluation of controls finds that the incident no longer exists.

E.

A user sets the Status of the incident to “Resolved”.

Demo: 22 questions
Total 75 questions