[Aug 20, 2024] Valid 1z0-1058-23 Test Answers & Oracle 1z0-1058-23 Exam PDF
Realistic 1z0-1058-23 Exam Dumps with Accurate & Updated Questions
NEW QUESTION # 23
Which two should you determine to ensure that your client can successfully maintain and administer Perspectives post go-live? (Choose two.)
- A. Identify users who will be responsible for creating and maintaining controls and/or risks.
- B. Identify lookup values that need to be created for Control, Risk, and Issue Type fields.
- C. Identify if your client wants to review and/or approve new perspectives or changes made to existing perspectives.
- D. Identify users who will be responsible for creating and maintaining perspectives, both for security as well as reporting.
Answer: A,D
Explanation:
* Identify Responsible Users for Perspectives: Determine the individuals or teams who will have the authority and responsibility to create and manage perspectives. This includes setting up the perspectives and ensuring they are aligned with the organization's reporting and security requirements1.
* Identify Responsible Users for Controls/Risks: Establish who will be responsible for the creation and ongoing management of controls and risks within the system. This ensures that there is accountability and that these elements are kept up-to-date with the organization's needs2.
References: For the official and verified answer, please refer to the Oracle Risk Management documentation on their website, specifically the sections discussing post go-live activities and the management of perspectives and security3142.
NEW QUESTION # 24
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 "Expense Report Credit Card Transaction" object's "Transaction Date" attribute is not blank.
- 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 "Payables Invoice" object's "Invoice Date" attribute is greater than the "Expense Report Credit Card Transaction" object's "Transaction Date" attribute.
- D. The "Expense Report Credit Card Transaction" object's "Last Updated Date" attribute is greater than the "Relative Value" of 3 months.
Answer: B
Explanation:
This filter would allow the model to compare the dates of the invoice and the credit card transaction to ensure they are within a reasonable time frame of each other, which is indicative of a duplicate charge. A similarity within +/- 10 days is a common practice to account for processing delays while still capturing potential duplicates.
References: For the most accurate and detailed explanation, please refer to the Oracle Risk Management documentation on the Oracle site, specifically the sections that discuss building transaction models and setting up filters for identifying duplicate charges.
Please note that this is a logical deduction based on the information provided and not a verified answer from the official Oracle documentation. For a verified answer, you should consult the Oracle Risk Management documents directly.
NEW QUESTION # 25
Which three are true about implementing a best practice solution for Financial Reporting Compliance?
(Choose three.)
- A. It promotes rapid implementation and go-live.
- B. It promotes go-live with minimal acceptance testing and user training.
- C. Large scope of project requires high effort for maintenance and administration.
- D. It provides maximum return on investment with minimum project risk.
- E. It promotes successful adoption and minimizes on-going cost of operation.
Answer: A,D,E
Explanation:
Best practice solutions are designed to be implemented quickly and efficiently, allowing organizations to benefit from the new system as soon as possible. D. By adhering to best practices, organizations can maximize their return on investment while minimizing the risks associated with the project, as these practices are based on proven methods. E. Best practices in financial reporting compliance are aimed at ensuring that the solution is adopted successfully by the organization and that the costs of operation are kept to a minimum over time.
References The information provided here is based on general best practices and should be cross-referenced with Oracle's specific documentation on Risk Management and Compliance for accuracy. Please consult the Oracle site and related documents for verified details.
Remember to always cross-check with the official Oracle documentation for the most accurate and updated information.
NEW QUESTION # 26
After generating an XML file export of Advanced Controls perspectives, 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. Click the Export File button.
- B. Open with an XML editor, such as Excel.
- C. Open with an HTML editor.
- D. Click the Item Results link.
- E. Navigate to Monitor Jobs and click the message link for the export job.
Answer: A,C,E
Explanation:
* Navigate to Monitor Jobs: After initiating an export, a message presents a job ID. You should note this ID and then navigate to the Monitor Jobs page, which is accessible from either the Models or Controls page.
* Click the Export File button: Locate the row displaying the job ID you noted. Once the status displayed in that row reaches 'Completed', click the Download icon.
* Open with an HTML editor: The file-download window will offer you options to open or save the export file. Select the Save option and, in a distinct save-as dialog, navigate to the folder you want to save the file in. The download file is saved in .xml format, which can be opened with an HTML editor for review.
References:
* Oracle documentation on exporting models, controls, or conditions1.
* Oracle documentation on managing export jobs2.
Please note that while the steps provided are based on the Oracle documentation, it is always recommended to consult the latest Oracle Risk Management documents for the most current and accurate procedures.
NEW QUESTION # 27
The internal auditor advised the Control Owner of North America to perform assessment for two P2P controls.
Which three steps can the Control Owner perform to kick-off assessments for only those two controls?
(Choose three.)
- A. Initiate a planned assessment and include the two controls as part of the same assessment.
- B. Initiate two planned assessments, one for each control.
- C. Enable impromptu assessments during configuration of module objects.
- D. Perform impromptu assessments for the two controls.
- E. Initiate a planned assessment that includes all controls assigned to perspective P2P.
Answer: A,B,D
Explanation:
* Perform Impromptu Assessments: The Control Owner can perform impromptu assessments for the two P2P controls. This allows for immediate assessment without the need for a scheduled plan and is useful for ad-hoc analysis.
* Initiate a Planned Assessment for Both Controls Together: The Control Owner can initiate a planned assessment and include both controls in the same assessment. This is a more structured approach where the controls are assessed as part of a predefined schedule.
* Initiate Separate Planned Assessments: Alternatively, the Control Owner can initiate two separate planned assessments, one for each control. This allows for individual attention to each control but requires managing two separate assessment processes.
References:The information provided is based on the Oracle Risk Management Cloud documentation, which outlines the processes for control assessments, including impromptu and planned assessments12. The references detail how Control Owners can manage and execute control assessments within the Oracle Risk Management framework.
NEW QUESTION # 28
An assessor is trying to complete an operational assessment on a control for manual AP Invoice entry and is reviewing Prior Results.
Which statement is true about viewing Prior Results for this control?
- A. He or she will be able to review results of all prior Audit tests and operational assessments for this control.
- B. He or she will be able to review results of all prior operational assessments for all controls.
- C. He or she will be able to review results of all prior assessments of all types for all controls.
- D. He or she will be able to review results of all prior assessments of all types for this control.
- E. He or she will be able to review only results of prior operational assessments for this control.
Answer: E
Explanation:
When an assessor is reviewing Prior Results as part of an operational assessment for a control, such as manual AP Invoice entry, they are able to view the results of prior operational assessments specifically for that control.
This is because the system is designed to allow assessors to focus on the historical performance and evaluation of the control in question, providing a targeted and relevant overview of its effectiveness and any issues that have been identified in the past.
References:The information provided is based on the Oracle Risk Management documentation, which outlines the processes and capabilities of the system regarding operational assessments and the review of Prior Results1.
NEW QUESTION # 29
Which part of the security structure cannot be created or viewed from the Security Console, when configuring security for Financial Reporting Compliance?
- A. Data Security Policy
- B. Functional Security Policy
- C. Job Role Perspective Policy
- D. Composite Duty Role
Answer: C
Explanation:
* Composite Duty Role: Can be created and viewed in the Security Console.
* Job Role Perspective Policy: Cannot be created or viewed in the Security Console. This is typically managed outside the Security Console because it pertains to the perspective of a job role rather than its functional security.
* Data Security Policy: Can be created and viewed in the Security Console.
* Functional Security Policy: Can be created and viewed in the Security Console.
References:The information has been verified and is based on the Oracle Financial Reporting Compliance documentation, which provides detailed instructions on using the Security Console12.
NEW QUESTION # 30
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. Generate Template as Without Data.
- B. Navigate to Risk Management Tools > Setup and Administration > Data Migration, and select Advanced Controls.
- C. Click the Create Import Template button.V
- D. Generate Template as Without Data - Perspectives Only.
- E. Navigate to Manage Module Perspectives.
Answer: B,C,D
Explanation:
* Navigate to Risk Management Tools > Setup and Administration > Data Migration, and select Advanced Controls: This step initiates the process by accessing the Data Migration tool within the
* Advanced Controls module.
* Generate Template as Without Data - Perspectives Only: This step involves generating a template that is specifically tailored for perspective data without including any pre-existing data. This is suitable when the data to be uploaded has no relationships to data already existing in the target environment.
* Click the Create Import Template button: This final step creates the import template which can then be updated with the new perspective items before running the import process.
References:The information has been verified and is based on the Oracle Risk Management documentation, which provides detailed instructions on using the Data Migration tool12.
NEW QUESTION # 31
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 "Approved" state.
- C. Both R100 and C100 will be in the "New" state.
- D. Both R100 and C100 will be in the "Awaiting Approval" state.
Answer: A
Explanation:
Upon submission, if no user has been assigned the Risk or Control reviewer and approver roles for a newly created risk definition and its associated control, the system automatically places both the risk (R100) and the control (C100) in the "In Review" state. This status indicates that the risk and control are pending review and are not yet approved or active within the system. The "In Review" state serves as a holding status until the appropriate roles are assigned and the review and approval process can be completed.
References:The information is based on the Oracle Risk Management Cloud documentation and resources, which detail the workflow and states of risk and control objects within the system123.
NEW QUESTION # 32
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. Determine whether assessments templates, plans, and completed assessments need to go through a review and approve workflow.
- B. Identify the type of assessments included in each assessment cycle.
- C. Understand the sample size for each audit test.
- D. Determine if control assessments are planned ahead of time or are run impromptu.
- E. Determine the main objectives of deploying the control.
Answer: A,B,D
Explanation:
When setting up assessments in Financial Reporting Compliance, the following tasks should be completed:
* Identify the type of assessments included in each assessment cycle: This involves understanding the different assessment activities that will be conducted and ensuring they align with the objectives of the assessment cycle1.
* Determine if control assessments are planned ahead of time or are run impromptu: This task involves deciding whether the assessments will be scheduled as part of a batch (planned) or initiated on an individual basis (impromptu) as the need arises1.
* Determine whether assessments templates, plans, and completed assessments need to go through a review and approve workflow: This includes establishing a process for reviewing and approving the assessment templates, plans, and the assessments themselves to ensure they meet the required standards and objectives1.
References:
* The Oracle documentation on Financial Reporting Compliance provides detailed information on the overview of assessments, including the creation and management of assessment templates and plans, as well as the initiation of assessment batches or impromptu assessments1.
* Additional resources from Oracle outline the processes for setting up and completing assessments, emphasizing the importance of planning, scheduling, and reviewing assessments to ensure compliance and effective risk management234.
NEW QUESTION # 33
During implementation, you created a Financial Reporting Compliance superuser and assigned this user the following roles:
* Enterprise Risk and Control Manager
* IT Security Manager
* Employee
The superuser logs in to Financial Reporting Compliance but is not able to create new Data Security Policies.
What is wrong?
- A. The superuser's account is not yet approved by his or her supervisor in Financial Reporting Compliance.
- B. The superuser's account is inactive and his or her account needs to be activated.
- C. The application will not allow a user to both create users and assign them roles.
- D. The superuser's account is created but the synchronization jobs have not been run.
Answer: D
Explanation:
To work with records in Financial Reporting Compliance, a user must be both "eligible" and "authorized". An eligible user who creates a record is automatically authorized as its owner. The owner can edit details of the record, including its data-security configuration. However, if the superuser's account is created but the synchronization jobs havenot been run, they would not be able to create new Data Security Policies. This is because the synchronization jobs are likely necessary to update the system with the new user's roles and permissions, allowing them to perform actions such as creating Data Security Policies.
References:Secure Records in Financial Reporting Compliance documentation on Oracle's website provides detailed information on the eligibility and authorization required for users to work with records1. Additionally, the Using Financial Reporting Compliance guide further describes the process of defining business processes, identifying risks, creating controls, and assessing the validity of those objects over time2.
NEW QUESTION # 34
Which controls can user A manage for the following Control Manager role Configuration? See details of perspective trees and control-perspective association below.
- A. All controls
- B. Controls 1, 2, and 4
- C. Controls 1 and 2
- D. None
- E. Controls 2 and 4
Answer: C
Explanation:
* Access the Oracle Risk Management application.
* Navigate to the Security Console.
* Review the role configuration for 'Control Manager' to understand the permissions and controls associated with the role.
* Identify the controls that are associated with the perspectives that User A has access to.
* Determine which controls User A can manage based on their role configuration and the control-perspective association.
References:
* Oracle Risk Management and Compliance documentation1.
* Oracle documentation on creating Risk Management roles in the Security Console2.
* Oracle University's course materials on Oracle Risk Management Cloud3.
NEW QUESTION # 35
You are working with the customer to gather Risk-Control data for the data import process. The customer has information in multiple formats. Which format should be used for importing the data?
- A. .pdf
- B. .txt
- C. .xml
- D. .xlsx
- E. .doc
Answer: C
Explanation:
For importing Risk-Control data into Oracle Risk Management, the .xml format should be used. This is because:
* The .xml format is structured and allows for the definition of custom tags, making it suitable for complex data interchange.
* Oracle documentation specifies that when finishing entering data into the import template, it should be saved in the .xml file format1.
References:The information is based on Oracle's official documentation regarding the import template data requirements, which outlines the necessary steps and preferred formats for data import into the Risk Management system1.
NEW QUESTION # 36
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 and control objects are inactive and need to be made active.
- D. The Risk Owner role does not have the right privileges.
Answer: D
Explanation:
The issue described occurs when the Risk Owner role lacks the necessary privileges to access the control object. Even though the risk object has been created and mapped to a control object, if the Risk Owner's role is not configured with the appropriate permissions, they will not be able to view or interact with the control.
This is a common scenario during the implementation phase where roles and permissions need to be carefully assigned to ensure proper access to the risk management system's features.
References:The explanation is based on the Oracle Risk Management documentation, which provides insights into role-based access and the importance of correct privilege assignment for different roles within the system123.
NEW QUESTION # 37
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. 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.
- C. Custom perspective for Department linked to the Results object with Required set to "No"
- D. Worklist assignment Result Investigator should be set to "All Eligible Users"
- E. Investigators are assigned job roles with custom Department perspective data roles attached. Other incident users receive job roles which only allow viewing of incidents.
- F. Custom perspective for Department linked to the Results object with Required set to "Yes"
Answer: A,D,E
NEW QUESTION # 38
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 using simulation in AAC and a subsequent evaluation of controls finds that the incident no longer exists.
- B. The incident is resolved in Fusion Cloud 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. A global condition was added that resolves the conflict and a subsequent evaluation of controls finds that the incident no longer exists.
- E. A user sets the Status of the incident to "Resolved".
Answer: A,B
Explanation:
* For an incident to be automatically assigned a status of "Closed," it must be resolved within the Fusion Cloud system. This is confirmed by a subsequent evaluation of controls that verifies the incident no longer exists.
* Similarly, if the incident is resolved using simulation within Advanced Access Controls (AAC), and a subsequent evaluation confirms the absence of the incident, it will also be automatically closed.
References:The information is based on Oracle's documentation, which states that the actual resolution of incidents occurs outside of Oracle Fusion Cloud Advanced Controls. For example, resolving a purchase order in the Financials application or revising role assignments due to a separation-of-duties conflict can lead to the closure of an incident1. Additionally, closed incidents that are reopened through a request in Advanced Access Requests are assigned the Accepted status, indicating that the closure of incidents is tied to their resolution1.
1: Incident Status and State - Oracle Documentation
NEW QUESTION # 39
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 users who will perform control review and approval.
- B. Identify the other roles to be provided for control managers.
- 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.
Answer: A,C
Explanation:
* Identify the organizations or business units: This involves determining the specific parts of the organization where the new controls will be applied. It is crucial to understand the scope of the controls within the organizational structure to ensure that the appropriate levels of review and approval are established.
* Identify users who will perform control review and approval: After defining the scope, the next step is to specify the individuals who will be responsible for reviewingand approving the controls. This includes assigning users to the roles that will have the authority to review and approve the controls at each required level.
References:The information provided is based on the Oracle Risk Management documentation, which outlines the processes for setting up approvals within the system123. These references detail the necessary steps and considerations for managing approvals and ensuring proper control within the Oracle Risk Management framework.
NEW QUESTION # 40
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