Oracle 1Z0-1058-23 Exam - Free questions
Oracle Risk Management Cloud 2023 Implementation Professional
1Z0-1058-23 Free questions:
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Question No. 1) You have five business units in our company, BU1 through BU5. You want to build a transaction model to identify suppliers who have been paid more than $100,000 USD across all business units except BU5. Which two filters must be combined? (Choose two.)
A) Add a standard filter where the “Payment” object’s “Organization ID” equals BU1, BU2, BU3, BU4.
B) Add a function filter grouping by “Supplier ID” where the sum of “Payment Amount” is greater than 100,000.
C) Add a function filter grouping by “Organization ID” where the sum of “Payment Amount” is greater than 100,000.
D) Add a standard filter where the “Payment” object’s “Organization ID” equals BU5, and advanced option “Exclude” is checked.
E) Add a standard filter where the “Payment” object’s “Organization ID” is equal to itself.
Question No. 2) 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.)
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.
Question No. 3) You are helping your client identify and define their controls. You have determined that your client requires two perspectives: Business Units and Regulatory Standards. The controls are going to be secured by the business unit, and you want to ensure that when the client defines new controls, it is mandatory to assign a Business Units perspective to the control. You are going to set the “Required” field to “yes” for the Control-Business Units association. Where do you do this in the product?
A) The Create Control screen
B) The Manage Object Perspectives screen
C) The Import template
D) The Create Perspectives screen
E) The Manage Module Perspectives screen
Question No. 4) Select three fields that are required to create an impromptu assessment. (Choose three.)
A) Due Date
Question No. 5) 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.
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 No. 6) 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.)
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 No. 7) Which controls can user A access and manage for the following Control Manager role configuration? See details of perspective trees and control-perspective association below.
B) Controls 2 and 3
C) Only Control 1
D) All controls
E) Controls 1, 2, and3
Question No. 8) You have imported risks in Financial Reporting Compliance using data migration. Your client is asking if you can add controls for these risks. Which two statements are true? (Choose two.)
A) To relate controls to risks, the risks must be in “approved” state.
B) You cannot use the Data Migration tool to add control records to map to existing risks.
C) You can use the Data Migration tool to add control records for the existing risks.
D) To relate controls, risks must be assigned to the same perspective that is assigned to the control you want to map it to.
E) You can manually add control definitions and relate them to the risks in Financial Reporting Compliance.
Question No. 9) 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.)
A) Status: On Hold; State: In Review
B) Status: Closed; State: Final Close
C) Status: Open; State: Approved
D) Status: Open; State: New
E) Status: Open; State: In Edit
F) Status: On Hold; State: Awaiting Approval
Question No. 10) Your client is configuring their Test pod (which has no data) and has created their initial import template with controls, test plans, perspectives, and perspective-control mappings. They have used custom list of values for Control Frequency. Which three tasks must be completed before performing the data import? (Choose three.)
A) Validate that all nods on the Perspective Item tab are covered on the Perspective Hierarchy tab.
B) Validate that the control-perspective relationship has been created in Manage Module Perspectives.
C) Validate that new lookup values are created for any custom list of values.
D) Validate that there are no duplicate worksheet IDs within the same worksheet.
E) Validate that the System ID column is populated correctly.
Question No. 11) 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:
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 No. 12) Your customer needs to conduct monthly Operational Effectiveness assessments for controls across two organizations (North America and EMEA). Your customer requires that assessment results for North America be accessible only to users in North America and likewise for EMEA. Additionally, the Chief Risk Officer reviews the assessment results by Business Process every week. How should you design perspectives to achieve this?
A) Use the Region hierarchy for security and the Business Process hierarchy for reporting of controls.
B) Use the Region hierarchy initially, and later use both Region and Business Process hierarchies for security.
C) Use both Region and Business Process hierarchies solely for reporting purposes.
D) Use the Business Process hierarchy for security and the Region hierarchy for reporting of controls.
Question No. 13) A user has created and submitted a new control and the state of the control is “In Review.” The user expected that the control state would change to “Approved.” Why is the control not in the “Approved” state?
A) This user is not a Control Approver; therefore, the status will be “In Review.”
B) The Control Reviewer role has been assigned to some users.
C) New controls must always be reviewed, irrespective of security configuration.
D) The Control Approver role has been assigned to some users.
Question No. 14) How do you identify Financial Reporting Compliance Cloud’s key stakeholders?
A) Identify users who need to create and submit expense reports easily.
B) Identify users who will create customer invoices, and receive and apply customer payments.
C) Identify executives who need to certify internal controls for SOX or similar mandates.
D) Identify executives who will manage customer balances and recognize revenue.
Question No. 15) Which two activities can be performed using Financial Reporting Compliance? (Choose two.)
A) Review and approve the accuracy and completeness of control descriptions.
B) Gain real-time access to live financial data and proactively resolve issues.
C) Continuously monitor financial transactions and role-based remediation of transaction incidents.
D) Review control assessment results, along with any effectiveness issues found.
E) Provide self-service access to reporting and analysis against financial transactions.
F) Conduct intuitive audits of general ledger balances with journal details.
Question No. 16) 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?
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 No. 17) You have scheduled quarterly assessments for a Control object at the beginning of the year with future dates. However, the test plans associated with the Control object were updated before the assessment could be started. Which statement is true about this scenario?
A) The user will have the option to select the older or newer versions of the test plans during the assessment process.
B) The scheduled assessment process will end in error.
C) The assessment will be associated with the version of the test plans from the time of assessment initiation.
D) The updated test plans will become available during the assessment.
Question No. 18) You have created security roles for the Procure-to-Pay (P2P) Control Manager for the EMEA region in your client’s organization. But, there are two problems with his or her security configuration. Problem 1: This person should not receive notifications to complete control assessments, but currently he or she does. Problem 2: Also, although he or she has access to controls associated with EMEA, he or she is unable to access controls created for individual regions within EMEA. You have given him or her the following job role: ? EMEA P2P Control Manager Job Role Which two actions need to be taken to correct the problems? (Choose two.)
A) Remove Control Certification Assessor Composite from the EMEA P2P Control Manager job role.
B) Create EMEA P2P Control Certification Assessor Data Security Policy striped by both EMEA and P2P perspectives and assign to the job role.
C) Add to the EMEA P2P Control Manager Data Security Policy the seeded Control Certification Assessor Data Security Policy.
D) While defining data security policy, set the perspective value to EMEA including all child nodes of the EMEA region.
Question No. 19) Your client has three operating units. What are two ways in which you can exclude an operating unit where there are not enough personnel to allow segregation of duties? (Choose two.)
A) In a model, create a new condition logic filter, select the operating unit attribute, select the operating unit value, and then perform an exclusion though the advanced options check box.
B) Navigate to the Create Access Global Condition page and create a new condition logic filter, select the operating unit attribute, select the operating unit value, and then perform an exclusion though the advanced options check box.
C) Navigate to the Create Access Global Condition page and create new condition logic filter, select the within same operating unit attribute, select the value yes, and then perform your exclusion though the advanced options check box.
D) In a model, create a new condition logic filter, select the within same operating unit attribute, select the value yes, and then perform your exclusion though the advanced options check box.
E) In a model, create a new condition logic filter, select the operating unit attribute and select the operating unit value.
Question No. 20) You have created a risk definition R100 and have created a new control C100 for this risk. No user has been assigned the Risk or Control reviewer and approver roles. What will be the state of R100 and C100 after submitting?
A) Both R100 and C100 will be in the “In Review” state.
B) Both R100 and C100 will be in the “Awaiting Approval” state.
C) Both R100 and C100 will be in the “Approved” state.
D) Both R100 and C100 will be in the “New” state.
Question No. 21) Your client needs to perform Design Review and Certification assessment for all their controls. Identify two options that show how this requirement can be met. (Choose two.)
A) Option A
B) Option B
C) Option C
D) Option D
E) Option E
Question No. 22) During implementation, you created a risk object and successfully mapped it to a control object. The client’s Risk Owner is able to access the risk but not the control. Why did this happen?
A) The Risk Administrator needs to run the synchronize jobs to populate the mapping.
B) The Risk Owner account is inactive.
C) The Risk Owner role does not have the right privileges.
D) The risk and control objects are inactive and need to be made active.
Question No. 23) 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.)
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”.
Question No. 24) Which two should you determine to ensure that your client can successfully maintain and administer Perspectives post go-live? (Choose two.)
A) Identify if your client wants to review and/or approve new perspectives or changes made to existing perspectives.
B) Identify lookup values that need to be created for Control, Risk, and Issue Type fields.
C) Identify users who will be responsible for creating and maintaining perspectives, both for security as well as reporting.
D) Identify users who will be responsible for creating and maintaining controls and/or risks.
Question No. 25) You are advising your client on design and configuration related to how access incident results will be viewed and managed. The client has provided a list of business requirements: ? Incident results can be viewed by Department ? Groups of investigators receive assigned incidents based on Department ? Must ensure systematically that no incident is unassigned to an investigator Which three must be configured to support these requirements? (Choose three.)
A) Worklist assignment Result Investigator should be set to specific users.
B) Custom perspective for Department linked to the Results object with Required set to “No”
C) Custom perspective for Department linked to the Results object with Required set to “Yes”
D) Investigators are assigned job roles with custom Department perspective data roles attached. Other incident users receive job roles which only allow viewing of incidents.
E) Investigators are assigned job roles with custom Department perspective data roles attached for managing incidents. Other incident users are assigned job roles with custom Department perspective data roles attached for viewing only.
F) Worklist assignment Result Investigator should be set to “All Eligible Users”