Oracle Risk Management Cloud 2022 Implementation Professional (1z0-1058-22) Free Practice Test

Question 1

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

A. Identify users who will create customer invoices, and receive 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 2

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 EME A.
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 the Business Process hierarchy for security and the Region hierarchy for reporting of controls.

D. Use both Region and Business Process hierarchies solely for reporting purposes.

Correct Answer: A

Question 3

Your client has configured separate roles for control assessor and control assessment reviewer. The control assessor has submitted his or her assessment. The control assessor realizes later that he or she has forgotten to attach a critical test evidence document to the assessment and needs to attach it now.
How can this be accomplished?

A. The assessor can request the reviewer to attach the document during the review.

B. On the Assessment tab in the Control definition, the assessor can select the assessment and click the Complete Assessment button. He or she can attach the document and resubmit the assessment.

C. The assessor can request the reviewer to reject the assessment. After the assessment is rejected, the assessor can then attach the document and resubmit the assessment.

D. On the Manage Assessments page, the assessor can select the assessment and click the Reopen button. He or she can then attach the document and resubmit the assessment.

Correct Answer: D

Question 4

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?

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 "Payables Invoice" object's "Invoice Date" attribute is similar to the "Expense Report Credit Card Transaction" object's "Transaction Date" attribute within +/- 10 days.

C. The "Expense Report Credit Card Transaction" object's "Transaction Date" attribute is not blank.

D. The "Expense Report Credit Card Transaction" object's "Last Updated Date" attribute is greater than the "Relative Value" of 3 months.

Correct Answer: B

Question 5

You are designing data for data import. The customer decided that they want to secure controls based on their company organization.
Which three worksheets of the import template are required to accomplish this requirement? (Choose three.)

A. Perspective-Control

B. Perspective Items

C. Control Test Plans

D. Controls

Correct Answer: B,C,D

Question 6

Which two steps are required to set up two levels of approval for new controls, which are added after the initial import? (Choose two.)

A. Identify the other roles to be provided for control managers.

B. Identify users who will perform control review and approval.

C. Identify the organizations or business units for which users will perform review or approval.

D. On the Controls tab of the Import template, set the control state to NEW for each control record.

Correct Answer: B,C

Question 7

You are configuring security and you do not want the risks to go through the review and approve process each time they are updated. How will you meet this requirement?

A. Ensure that only the upper management is given the Risk Reviewer Composite duty role so they could review the risks that they want to review.

B. Add the Risk Reviewer Composite duty role to the person who creates the risks so he or she would be able to review them before saving the record.

C. Use only the Risk Approver Composite duty role in the configurations so the risks will not go through the review process.

D. Ensure that no user has been assigned a job role that includes the Risk Reviewer Composite or Risk Approver Composite Duty Role.

Correct Answer: C

Question 8

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 scheduled assessment process will end in error.

B. The assessment will be associated with the version of the test plans from the time of assessment initiation.

C. The updated test plans will become available during the assessment.

D. The user will have the option to select the older or newer versions of the test plans during the assessment process.

Correct Answer: B

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Oracle Risk Management Cloud 2022 Implementation Professional (1z0-1058-22) Free Practice Test