Oracle Risk Management Cloud 2021 Implementation Essentials (1Z0-1058-21) Free Practice Test

Question 1

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 Import template

B. The Manage Object Perspectives screen

C. The Manage Module Perspectives screen

D. The Create Control screen

E. The Create Perspectives screen

Correct Answer: E

Question 2

Youhave 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 can manually add control definitions and relate them to the risks in Financial Reporting Compliance.

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 isassigned to the control you want to map it to.

E. You cannot use the Data Migration tool to add control records to map to existing risks.

Correct Answer: C,D

Question 3

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. Understand the sample size for each audit test.

B. Determine the main objectives of deploying the control.

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

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

E. Identify the type of assessments included in each assessment cycle.

Correct Answer: A,C,D

Question 4

How do you identify Financial Reporting Compliance Cloud's key stakeholders?

A. Identify users who will create customer invoices, andreceive and apply customer payments.

B. Identify executives who need to certify internal controls for SOX or similar mandates.

C. Identify users who need to create and submit expense reports easily.

D. Identify executives who will manage customer balances and recognize revenue.

Correct Answer: D

Question 5

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 ofvalues for Control Frequency.
Which three tasks must be completed before performing the data import? (Choose three.)

A. Validate that the System ID column is populated correctly.

B. Validate that new lookup values are created for any custom list of values.

C. Validate that the control-perspective relationship has been created in Manage Module Perspectives.

D. Validate that there are no duplicate worksheet IDs within the same worksheet.

E. Validate that all nods on the Perspective Item tab are covered on the Perspective Hierarchy tab.

Correct Answer: A,B,E

Question 6

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 "All Eligible Users"

B. Investigators are assigned job roles with custom Department perspective data roles attached. Other incidentusers receive job roles which only allow viewing of incidents.

C. 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.

D. Custom perspective for Department linked to the Results object with Required set to "No"

E. Custom perspective for Department linked to the Results object with Required set to "Yes"

F. Worklist assignment Result Investigator should be set to specific users.

Correct Answer: A,B,F

Question 7

Which three tasks should be completed before starting the Financial Reporting Compliance implementation?
(Choose three.)

A. Migrate the organization's existing risk and control matrixinto Financial Reporting Compliance.

B. Plan to go-live with a simple scope and later expand the solution to include additional business units/organizations/compliance frameworks.

C. Create a project plan with objectives, goals, and exit criteria.

D. Complete control review and assessment for one period/cycle with the actual business owners.

E. Identify Financial Reporting Compliance users for everyday use, administration, and sustained use.

Correct Answer: B,D,E

Question 8

After generating an XML file export of Advanced Controlsperspectives, you receive a message that the export job has been generated.
What are the three steps you need to perform in order to download and review the formatted export file?
(Choose three.)

A. Navigate to Monitor Jobs and click the message link for the export job.

B. Click the Export File button.

C. Click the Item Results link.

D. Open with an HTML editor.

E. Open with an XML editor, such as Excel.

Correct Answer: A,B,E

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Oracle Risk Management Cloud 2021 Implementation Essentials (1Z0-1058-21) Free Practice Test