1Z0-1058-21 Exam Training Practice Tests (Oracle Risk Management Cloud 2021 Implementation Essentials)]

Question 1

After generating an XML file export of Advanced Controlsperspectives, 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 Item Results link. B. Open with an HTML editor. C. Open with an XML editor, such as Excel. D. Click the Export File button. E. Navigate to Monitor Jobs and click the message link for the export job.

Correct Answer: C,D,E

Question 2

Which two activities can be performed using Financial Reporting Compliance? (Choose two.)

A. Continuously monitor financial transactions and role-based remediation of transaction incidents. B. Gain real-time access to live financial data and proactively resolve issues. C. Conduct intuitive audits of general ledger balances with journal details. D. Provide self-service access to reporting and analysis against financial transactions. E. Review control assessment results, along with any effectiveness issues found. F. Review andapprove the accuracy and completeness of control descriptions.

Correct Answer: A,F

Question 3

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. Understand the sample size for each audit test. B. Determine whether assessments templates, plans, and completed assessments need to go through a review and approve workflow. C. Determine the main objectives of deploying the control. D. Identify the type of assessments included in each assessment cycle. E. Determine if control assessments are planned ahead of time or are run impromptu.

Correct Answer: A,B,E

Question 4

Howdo you add values to a Risk Type list of values?

A. Add the lookup codes to the GRCM_RISK_TYPE Lookup Type. B. Because you cannot add new values, updateone of the existing lookup codes to what the client wants it to be. C. Add the lookup codes to the GRC_RISK_TYPE Lookup Type. D. Populate the Import template with the new values in the Issue Severity column on the Controls tab. E. Use the default lookup codes because there is no way to update the existing ones.

Correct Answer: A

Question 5

You are helping your client identify and define their controls. You have determined that your client requires two perspectives: Business Units and Regulatory Standards.
The controls are going to be secured by the business unit, and you want to ensure that when the client defines new controls, it is mandatory to assign a Business Units perspective to the control. You are going to set the
"Required" field to "yes" for the Control-Business Units association.
Where do you do this in the product?

A. The Create Control screen B. The Manage Object Perspectives screen C. The Import template D. The Manage Module Perspectives screen E. The Create Perspectives screen

Correct Answer: E

Question 6

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. Business object B. Model C. Filter D. Template E. Control

Correct Answer: B

Question 7

Your client has subscribed to Financial Reporting Compliance and would like to address risks using treatment plans.
Which option shows the settings that will help in achieving this configuration?

A. Configure Module Perspectives > Edit Financial Reporting Compliance > Risk-Organization mapping set to required, active. B. Configure Module Objects > Edit Control Object Configuration > Result = Show C. Configure Module Objects > Edit Risk Object Configuration > Treatment = Show D. Configure Module Objects > Edit Risk Object Configuration > Result = Show E. Configure Module Objects > Edit Risk Object Configuration > Treatment = Hide and Default

Correct Answer: B

Question 8

You completed the data migration successfully. You created 100 controls, an Organization Perspective, and relationship of controls to the Organization Perspective. All controls are related to one perspective item. The Control Manager logs in to the application to view the new controls, yet there are none available for his or her review.
Identify three reasons for this. (Choose three.)

A. The Perspective Hierarchy is not in the Approved state. B. The Control Manager was not given the correct data security policy to access the controls. C. No risks were mappedto the imported controls. D. The Perspective Hierarchy was not associated to the Control Object. E. There was no Control Type associated with the controls.

Correct Answer: B,C,E

Oracle Risk Management Cloud 2021 Implementation Essentials - 1Z0-1058-21 Exam Practice Test