Oracle Risk Management Cloud 2022 Implementation Professional

QUESTION NO: 1
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. You can manually add control definitions and relate them to the risks in Financial Reporting Compliance. B. You can use the Data Migration tool to add control records for the existing risks. C. You cannot use the Data Migration tool to add control records to map to 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. To relate controls to risks, the risks must be in "approved" state.

Correct Answer: B,D

QUESTION NO: 2
You have completed the data import process with no errors. You created process, risks, controls, and one perspective. Controls were related to perspectives. You have provided the customer with the Control Manager security role. When the customer logs in to Financials Risk Compliance (FRC), the customer cannot see any controls.
Which step was missed during the import process?

A. The Controls were not related to any risk objects. B. Data security policies for Controls were not created. C. The parent process was never approved. D. The Control Method was not set to a valid value.

Correct Answer: D

QUESTION NO: 3
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.

Correct Answer: D

QUESTION NO: 4
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. 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. 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 attach the document during the review. D. 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.

Correct Answer: A

QUESTION NO: 5
You are remediating access incidents in Advanced Access Controls (AAC), and have just completed the remediation of a segregation of duties conflict for users in Fusion Security by removing the conflicting access from the users.
What status do you set for the incident in AAC?

A. Authorized B. Remedy C. Accepted D. Resolved E. Remediation

Correct Answer: E

QUESTION NO: 6
Which three tasks should be completed before starting the Financial Reporting Compliance implementation? (Choose three.)

A. Migrate the organization's existing risk and control matrix into Financial Reporting Compliance. B. Identify Financial Reporting Compliance users for everyday use, administration, and sustained use. C. Complete control review and assessment for one period/cycle with the actual business owners. D. Create a project plan with objectives, goals, and exit criteria. E. Plan to go-live with a simple scope and later expand the solution to include additional business units/organizations/compliance frameworks.

Correct Answer: B,C,E

QUESTION NO: 7
Which two activities can be performed using Financial Reporting Compliance? (Choose two.)

A. Review control assessment results, along with any effectiveness issues found. 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 and approve the accuracy and completeness of control descriptions. E. Conduct intuitive audits of general ledger balances with journal details. F. Provide self-service access to reporting and analysis against financial transactions.

Correct Answer: C,D

QUESTION NO: 8
Which three statements are true about the purpose of perspectives? (Choose three.)

A. Perspectives can be used to define user privileges. B. Perspectives can be used for categorizing Financial Reporting Compliance objects. C. Perspectives can be used to represent regional hierarchies. D. Perspectives are used to enable data security on Financial Reporting Compliance objects. E. Perspectives enable functional security in Financial Reporting Compliance.

Correct Answer: C,D,E

Oracle Risk Management Cloud 2022 Implementation Professional - 1z0-1058-22 Exam Questions