Oracle Risk Management Cloud 2023 Implementation Professional (1z0-1058-23) Free Practice Test

Question 1

After adding a new control in Financial Reporting Compliance, the control owner clicks Submit. Users with the Control Reviewer and Control Approver roles exist.
What is the expected outcome?

A. The control goes into the "In Review" state.

B. The control goes into the "Approved" state.

C. The control goes into the "New" state.

D. The control goes into the "Waiting for Approval" state.

Correct Answer: D

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Question 2

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 Owner account is inactive.

B. The Risk Owner role does not have the right privileges.

C. The Risk Administrator needs to run the synchronize jobs to populate the mapping.

D. The risk and control objects are inactive and need to be made active.

Correct Answer: B

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Question 3

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

B. Seeded Risk Issue Manager and Control Issue Manager

C. Seeded Issue Manager Composite and Issue Validator Composite

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

Correct Answer: D

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Question 4

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

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

B. It provides maximum return on investment with minimum project risk.

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

D. It promotes rapid implementation and go-live.

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

Correct Answer: A,B,D

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Question 5

You can relate objects in Financial Reporting Compliance. Which statement is true about editing or creating related objects in the Related Objects section on the Risk Definition page?

A. You can relate a new process and a new control.

B. You can relate only an existing control, but not a new control.

C. You can relate only control objects.

D. You can relate only process objects.

Correct Answer: A

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Question 6

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?

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 "Person" 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 "Report Number" where the "Expense Type" has an "In" condition for values that include taxi, car, mileage.

Correct Answer: B

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Question 7

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?

A. Worklist assignment does not include the business owner.

B. The underlying model is not linked to Order to Cash.

C. The Control Perspectives are not linked to the control.

D. The Result Management Perspective Assignment has not been linked.

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

Correct Answer: E

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Question 8

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. Navigate to the Create Access Global Condition page and 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.

B. 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.

C. 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.

D. 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.

E. In a model, create a new condition logic filter, select the operating unit attribute and select the operating unit value.

Correct Answer: C,D

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Oracle Risk Management Cloud 2023 Implementation Professional (1z0-1058-23) Free Practice Test