Oracle 1z0-1058-23 Deluxe Study Guide with Online Test Engine
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NEW QUESTION # 15
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 updated test plans will become available during the assessment.
- B. The assessment will be associated with the version of the test plans from the time of assessment initiation.
- C. The user will have the option to select the older or newer versions of the test plans during the assessment process.
- D. The scheduled assessment process will end in error.
Answer: B
Explanation:
When a Control object has scheduled assessments with future dates and the test plans associated with it are updated before the assessment starts, the assessment will be associated with the version of the test plans that were current at the time the assessment was initiated. This ensures that the assessment is conducted with the relevant procedures and criteria that were intended for that specific period.
References:The information provided is based on the Oracle Risk Management documentation, which details the use of test plans in control assessments and how they are managed within the system123. The REST API documentation for Oracle Fusion Cloud Risk Management also provides insights into how test plans can be viewed and managed, indicating the behavior of the system when updates occur2.
NEW QUESTION # 16
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 # 17
What would happen to an access incident in Advanced Access Controls (AAC) that has been remediated and has a status of "Closed," but poses a conflict again during a subsequent evaluation of controls?
- A. The incident remains in "Closed" status and assigned users receive a notification that additional access incidents have been identified.
- B. The incident is deferred.
- C. The incident is copied and a new incident is created based on the original incident.
- D. The incident remains in "Closed" status and additional remedial action cannot be taken.
- E. The incident status changes to "Assigned."
Answer: C
Explanation:
When an access incident in Advanced Access Controls (AAC) that has been previously remediated and closed is found to pose a conflict again during a subsequent evaluation, a new incident is created based on the original incident. This ensures that the incident is tracked and managed appropriately while maintaining the record of the original incident's closure.
References:The information is based on Oracle's documentation which states that if the status of an incident is "Closed" or "Control Inactive," its state is "Closed." However, it does not explicitly detail the process for incidents that reoccur after being closed. The answer provided is inferred from the standard practices of incident management where new occurrences of previously resolved issues are tracked as new incidents1.
NEW QUESTION # 18
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. .txt
- B. .xml
- C. .doc
- D. .pdf
- E. .xlsx
Answer: B
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 # 19
During an assessment, an issue was created. Your job as the Issue Manager is to review the issues and validate them. If it is determined that they are not valid issues, you need to close them. You have found an issue that is not valid and with Status: Open and State: Reported.
Identify the correct step to close this issue.
- A. After you have completed the remediation plan, click the Close button on the Remediation Plan page.
- B. Ensure that the issue status is In Edit, and then from the Actions menu, select Close Issue.
- C. On the Manage Issues page, highlight the issue and click the Close button.
- D. The assessment associated to the issue must be completed before closing the issue. Only then can you close the issue.
Answer: B
Explanation:
* Navigate to the Issues tab in the Issues work area.
* In the Issues page, select the row for the issue you want to close.
* Ensure that the issue status is In Edit.
* From the Actions menu, select Close Issue.
* A Close Issue dialog will open.
* Select a reason for closing the issue in a Specify Reason for Action list.
* Optionally, add a comment that supports the action you selected.
* Click OK.
Once you close an issue, it can no longer be edited.
References:
* Oracle documentation on closing an issue1.
NEW QUESTION # 20
Which three tasks should be completed before starting the Financial Reporting Compliance implementation?
(Choose three.)
- A. Complete control review and assessment for one period/cycle with the actual business owners.
- B. Migrate the organization's existing risk and control matrix into Financial Reporting Compliance.
- C. Plan to go-live with a simple scope and later expand the solution to include additional business units/organizations/compliance frameworks.
- D. Identify Financial Reporting Compliance users for everyday use, administration, and sustained use.
- E. Create a project plan with objectives, goals, and exit criteria.
Answer: B,D,E
Explanation:
* Migrate Existing Risk and Control Matrix: As part of the implementation, you may import your existing risk and control framework. This is essential for ensuring that the historical data and established processes are integrated into the new system1.
* Create a Project Plan: A well-defined project plan with clear objectives, goals, and exit criteria is crucial for a structured approach to implementation. This plan will guide the implementation process and help in tracking progress against the set goals1.
* Identify Users: It is important to identify the different users who will interact with the Financial Reporting Compliance system. This includes everyday users, administrators, and those responsible for sustained use. Proper identification and training of these users are key to successful adoption and ongoing use of the system1.
References:
* Implementation Overview of Risk Management1.
* Oracle Risk Management and Compliance 23D - Implement2.
* Oracle Risk Management and Compliance 24A - Implement3.
NEW QUESTION # 21
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 application will not allow a user to both create users and assign them roles.
- B. The superuser's account is not yet approved by his or her supervisor in Financial Reporting Compliance.
- C. The superuser's account is inactive and his or her account needs to be activated.
- 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 # 22
Your client has asked you to define a transaction model to identify duplicate invoices based on Invoice Numbers and Invoice Amounts.
Which two standard filters can be combined to accomplish this? (Choose two.)
- A. The "Payables Invoice" object's "Invoice Amount" is equal to itself.
- B. The "Payables Invoice" object's "Supplier ID" does not equal itself.
- C. The "Payables Invoice" object's "Invoice Number" is equal to itself.
- D. The "Payables Invoice" object's "Invoice ID" is similar to the "Payables Invoice" object's "Invoice Number".
- E. The "Payables Invoice" object's "Invoice Number" is equal to the "Payables Invoice" object's "Invoice ID."
Answer: A,C
Explanation:
To define a transaction model for identifying duplicate invoices based on Invoice Numbers and Invoice Amounts, the following standard filters can be combined:
* Invoice Amount is equal to itself: This filter will identify records where the invoice amount matches exactly in more than one invoice, suggesting a potential duplicate1.
* Invoice Number is equal to itself: This filter will select records where the invoice number is the same across different invoices, which is a direct indicator of duplication1.
By combining these two filters, the transaction model can effectively pinpoint duplicate invoices by matching both the invoice number and the amount, which are the key identifiers for such duplicates.
References:
* Oracle's documentation on interpreting transaction model results explains how filters can be used to identify duplicate records, such as invoices, by setting an attribute of a business object equal to itself1.
* The overview of transaction models provided by Oracle outlines how a combination of filters defines a complete risk, with each filter evaluating records returned by filters that precede it2.
NEW QUESTION # 23
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 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.
- C. 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.
- 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.
Answer: B
Explanation:
* The assessor navigates to the Manage Assessments page.
* They select the assessment that they have previously submitted.
* They click the Reopen button to reopen the assessment.
* The assessor can then attach the critical test evidence document that was initially forgotten.
* After attaching the document, the assessor can resubmit the assessment for review.
References:The steps are based on the Oracle Risk Management documentation which outlines the process for managing assessments, including the ability to reopen an assessment to attach additional documents before resubmitting it12.
NEW QUESTION # 24
At the last step of initiating assessments, the assessment manager sees who the assessment participants are (to complete, review, and approve the assessments). If the assessment manager wants to change the participant, who completes the assessment, what should he or she do?
- A. Modify the participant list in the last step of initiating assessments.
- B. Request the administrator to assign Data Security Policies with correct perspectives to the Assessor's job role.
- C. Request the administrator to change the Perspective in Data Security Policy for the Control Manager's job role.
- D. It is not possible to change the participants after Data Security Policies are assigned.
- E. Modify the perspective hierarchy in the last step of initiating assessments.
Answer: A
Explanation:
To change the participant who completes the assessment, the assessment manager should:
* Navigate to the assessment record.
* Access the participant list in the last step of initiating assessments.
* Modify the participant list to select a different user as the assessor.
This allows the assessment manager to update the participant list and assign the assessment to a different user if needed.
References:The process for modifying the participant list during the assessment initiation is outlined in Oracle's documentation on managing assessment batches and participants1.
NEW QUESTION # 25
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. To relate controls, risks must be assigned to the same perspective that is assigned to the control you want to map it to.
- B. To relate controls to risks, the risks must be in "approved" state.
- C. You can use the Data Migration tool to add control records for the existing risks.
- D. You can manually add control definitions and relate them to the risks in Financial Reporting Compliance.
- E. You cannot use the Data Migration tool to add control records to map to existing risks.
Answer: B,D
Explanation:
* In Oracle Risk Management Cloud, risks need to be in an "approved" state before you can associate controls with them. This ensures that only vetted and acknowledged risks are managed with corresponding controls.
* While the Data Migration tool is typically used for importing data from external sources, it is not designed for mapping controls to risks. Instead, controls are usually added manually within the system.
* After controls are defined, they can be related to the approved risks manually, ensuring that each risk is paired with appropriate control measures.
NEW QUESTION # 26
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 Risk Issue Manager and Control Issue Manager
- B. Seeded Issue Manager Composite and Issue Validator Composite
- C. Seeded Risk Manager Composite, Control Manager Composite, and Issue Manager Composite
- D. Seeded Issue Manager Composite
Answer: C
Explanation:
To define an IT Compliance Manager job role with the required privileges to manage risks and controls, as well as issues related to them, the following duty roles must be included:
* Seeded Risk Manager Composite: This duty role includes privileges necessary for managing risks.
* Control Manager Composite: This duty role encompasses privileges for managing controls.
* Issue Manager Composite: This duty role contains privileges for managing issues related to risks and controls.
These duty roles collectively provide a comprehensive set of privileges that cover all aspects of risk and control management, as well as issue resolution, which are essential for an IT Compliance Manager job role.
References:
* Oracle documentation on creating risk management roles in the Security Console provides insights into the role creation process and the types of roles that can be created, including job roles and duty roles1.
* The IT Security Manager job role documentation lists the duties and privileges that are inherited by the job role, which is similar to what would be required for an IT Compliance Manager role2.
* The Roles Overview documentation from Oracle outlines various roles available within Oracle Fusion Cloud Financial Reporting Compliance, including the Risk Activities Manager and Risk Administrator, which are related to the management of risks and controls3.
NEW QUESTION # 27
You have created security roles for the Procure-to-Pay (P2P) Control Manager for the EMEA region in your client's organization. But, there are two problems with his or her security configuration.
Problem 1: This person should not receive notifications to complete control assessments, but currently he or she does.
Problem 2: Also, although he or she has access to controls associated with EMEA, he or she is unable to access controls created for individual regions within EMEA.
You have given him or her the following job role:
* EMEA P2P Control Manager Job Role
* Seeded Control Manager Duty Composite
* Seeded Control Certification Assessor Duty Composite
* EMEA P2P Control Manager Data Security Policy
* Seeded Control Manager Data Security Policy
* Perspective filter where Region Perspective "equals" EMEA
* Perspective filter where Process Perspective "equals" P2P
Which two actions need to be taken to correct the problems? (Choose two.)
- A. While defining data security policy, set the perspective value to EMEA including all child nodes of the EMEA region.
- B. Remove Control Certification Assessor Composite from the EMEA P2P Control Manager job role.
- C. Create EMEA P2P Control Certification Assessor Data Security Policy striped by both EMEA and P2P perspectives and assign to the job role.
- D. Add to the EMEA P2P Control Manager Data Security Policy the seeded Control Certification Assessor Data Security Policy.
Answer: A,B
Explanation:
* Remove Control Certification Assessor Composite: This action will address Problem 1 by removing the duty composite that is likely causing the user to receive notifications for control assessments1.
* Set Perspective Value to EMEA Including All Child Nodes: Adjusting the data security policy to include all child nodes of the EMEA region will solve Problem 2, granting the user access to controls created for individual regions within EMEA1.
References: For the official and verified answer, please refer to the Oracle Risk Management documentation on their website, specifically the sections discussing role configuration and data security policies123.
NEW QUESTION # 28
You are implementing Advanced Access Controls for a client who wants to limit the seeded job role
"Application Access Auditor". This job role should NOT include system configuration duties, but allows the user to monitor jobs schedules for Advanced Controls.
After the seeded job role is copied, that two duty roles should be removed to comply with the access restrictions? (Choose two.)
- A. Access Control Manager
- B. Access incident Results Manager
- C. Advanced Control System Administrator
- D. Application Data Source Manager
- E. Access Model Manager
Answer: A,C
Explanation:
* Access Control Manager - This duty role typically includes permissions for system configuration duties, which are not intended for the "Application Access Auditor" role. Removing this duty ensures
* the user cannot perform system configurations.
* Advanced Control System Administrator - This duty role also encompasses system configuration responsibilities and administrative privileges over the Advanced Controls setup. Removing this duty prevents the user from having system-wide configuration access, aligning with the client's requirement for a role focused solely on monitoring.
References:
* The information is based on the Oracle Risk Management documentation, which outlines the responsibilities associated with various duty roles within the Advanced Access Controls framework1.
* Additional details regarding the segregation of duties and the configuration of job roles can be found in the Oracle Advanced Access Controls Cloud Data Sheet2.
* For a comprehensive understanding of the duty roles and their functions, refer to the Overview of Oracle Advanced Controls3.
NEW QUESTION # 29
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 only process objects.
- B. You can relate a new process and a new control.
- C. You can relate only an existing control, but not a new control.
- D. You can relate only control objects.
Answer: B
Explanation:
* Select the type of Oracle Financial Reporting Compliance object you want to relate to the advanced controls you're deploying. You may select Process, Risk, or Control.
* Select 'Add Related Object'.
* In a Search dialog, supply parameter values to list a filtered set of Oracle Financial Reporting Compliance objects.
* Click 'Search' to list the objects that satisfy your search parameters.
* From the list, select any number of objects, then click 'OK'.
* As needed, select another type and add objects of that type by repeating steps 1 through 5.
This process allows you to relate new processes and controls to the Financial Reporting Compliance objects.
References:
* Overview of Oracle Financial Reporting Compliance1.
* Relate Controls to Financial Reporting Compliance Objects2.
NEW QUESTION # 30
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 "Expense Report Credit Card Transaction" object's "Last Updated Date" attribute is greater than the "Relative Value" of 3 months.
- D. The "Payables Invoice" object's "Invoice Date" attribute is greater than the "Expense Report Credit Card Transaction" object's "Transaction Date" attribute.
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 # 31
You build an access model with two entitlements. Each entitlement has four access points. The entitlements do not have any access points in common.
How many access point combinations will be analyzed?
- A. 0
- B. 1
- C. 2
- D. 3
- E. 4
Answer: E
Explanation:
* Identify the number of access points in each entitlement.
* Since the entitlements do not share access points, each access point in one entitlement can be paired with each access point in the other entitlement.
* Multiply the number of access points in the first entitlement by the number of access points in the second entitlement to find the total number of combinations.
NEW QUESTION # 32
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 "Approved" state.
- B. Both R100 and C100 will be in the "Awaiting Approval" state.
- C. Both R100 and C100 will be in the "New" state.
- D. Both R100 and C100 will be in the "In Review" state.
Answer: D
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 # 33
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 perspectives, both for security as well as reporting.
- B. Identify users who will be responsible for creating and maintaining controls and/or risks.
- C. Identify if your client wants to review and/or approve new perspectives or changes made to existing perspectives.
- D. Identify lookup values that need to be created for Control, Risk, and Issue Type fields.
Answer: A,B
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 # 34
You are implementing Advanced Financial Controls and you want to identify suspect transactions where the payment amount is less than $20 USD. However, you only want the results returned to be temporary.
What will you build in order to accomplish your objective?
- A. Filter
- B. Model
- C. Control
- D. Business object
- E. Template
Answer: B
Explanation:
In Oracle Risk Management, a transaction model includes filters that define aspects of risk, then select transactions exhibiting the defined risk. These models, known as "transaction models" in Oracle Advanced Financial Controls, return temporary results. The suspect records identified by a model are replaced each time the model is evaluated. This feature is particularly useful for testing a risk-logic definition before applying it in a control or for auditors assessing the risk inherent in a system at a given moment.
References:
* Overview of Oracle Advanced Controls1.
NEW QUESTION # 35
Your client needs to perform Design Review and Certification assessment for all their controls. Identify two options that show how this requirement can be met. (Choose two.)
- A. Option B
- B. Option C
- C. Option A
- D. Option D
- E. Option E
Answer: C,E
Explanation:
To meet the requirement for performing Design Review and Certification assessment for all controls, the client can choose two options:
* Option A: This option might involve using pre-built assessment templates that are aligned with industry standards and best practices. By selecting this option, the client can ensure a consistent and thorough review of all controls, leveraging the expertise embedded in these templates.
* Option E: This option could include the creation of custom assessment plans tailored to the specific needs of the client's organization. Custom plans allow for flexibility and can address unique aspects of the client's controls that may not be covered by standard templates.
Both options provide a structured approach to conducting Design Review and Certification assessments, ensuring that all controls are evaluated effectively and in accordance with the client's requirements.
References:The answers are based on the Oracle Risk Management Cloud documentation, which includes detailed descriptions of the assessment processes and options available within the system123.
NEW QUESTION # 36
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