Oracle Risk Management Cloud 2023 Implementation Professional

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 "Waiting for Approval" state.

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

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

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

Correct Answer: A

Question 2

How do you associate a risk to a control?

A. On the Related Controls tab of risk definition, add the control.

B. To associate a control to a risk, the control needs to be in the Review state.

C. On the Related Objects tab of control definition, add the risk.

D. The only way to create risk-control associations is through data import.

E. In the related object section of process definition, add the control to the risk.

Correct Answer: C

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Question 3

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 E

B. Option D

C. Option B

D. Option A

E. Option C

Correct Answer: A,D

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Question 4

Which three steps can be performed by using the Configure Module Objects pages? (Choose three.)

A. Create object data import templates.

B. Choose display (or hide) configurable options for: results, events, consequences and treatments.

C. View assessment response details for all assessment types.

D. Edit the assessment activity question and guidance text for all assessment types.

E. Set "object-perspective" association.

Correct Answer: B,D,E

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Question 5

You want to identify Controls with the most Incidents, with the condition that the identified Controls should have 80% of all Incidents. To do this, you have imported a custom object that contains the number of incidents associated with each control, and have added that object to a transaction model.
Which pattern filter must you now apply?

A. Anomaly Detection

B. Clustering

C. Absolute Deviation

D. Pareto

E. Mean

Correct Answer: D

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Question 6

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. Resolved

C. Remediation

D. Remedy

E. Accepted

Correct Answer: B

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Question 7

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. On the Manage Issues page, highlight the issue and click the Close button.

C. The assessment associated to the issue must be completed before closing the issue. Only then can you close the issue.

D. Ensure that the issue status is In Edit, and then from the Actions menu, select Close Issue.

Correct Answer: D

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Question 8

The control manager needs to associate an existing test plan to an additional assessment type, Audit Test. The existing test plan is associated only with the Design Review assessment type.
How can this be accomplished?

A. The control manager does not need to update the control because any initiated assessment will include all control test plans.

B. The control's test plan should be updated to Audit Test as the assessment type.

C. The control manager should create a new test plan with Audit Test and Design Review as assessment types.

D. The control's test plan should be updated to include both Audit Test and Design Review as assessment types.

Correct Answer: D

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Oracle Risk Management Cloud 2023 Implementation Professional - 1z0-1058-23 Exam Practice Test

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