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Oracle Risk Management Cloud 2023 Implementation Professional Question and Answers

Oracle Risk Management Cloud 2023 Implementation Professional

Last Update May 3, 2024
Total Questions : 75

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Questions 1

How do you populate the Control Method field with a new custom value, such as a third-party application’?

Options:

A.  

Enter the new value directly in the Control method field.

B.  

Use Lookup Meaning of the new lookup value.

C.  

Use Lookup Code of the new lookup value.

D.  

Use Lookup Type of the new lookup value.

Discussion 0
Questions 2

You have two segregation of duties requirements:

1) a user can access either the supplier creation pages or the invoice pages, but not both.

2) a user can access either the invoice creation pages or the payment creation pages, but not both.

How must these requirements be met in Advanced Access Controls?

Options:

A.  

Construct one model with three condition filters where the Function Name Equals “Create Supplier”, “Create Invoice” and “Create Payment”

B.  

Construct two models, and create controls based on the models: “Create Supplier & Create Invoice”, “Create Invoice & Create Payment”

C.  

Construct three controls, and create controls based on the models: “Create Supplier & Create Invoice”, “Create Invoice & Create Payment”, “Create Supplier & Create Payment”

D.  

Construct one model: “Create Supplier & Create Invoice & Create Payment”

E.  

Construct one entitlement: “Create Supplier & Create Invoice & Create Payment”

Discussion 0
Questions 3

Identify the four statuses and states in which you can edit an issue’s description, assuming you have the necessary privileges to edit the issue. (Choose four.)

Options:

A.  

Status: On Hold; State: In Review

B.  

Status: Closed; State: Final Close

C.  

Status: Open; State: Approved

D.  

Status: Closed; State: Closed – Awaiting Approval

E.  

Status: Open; State: In Edit

F.  

Status: On Hold; State: Awaiting Approval

G.  

Status: Open; State: New

Discussion 0
Questions 4

You are configuring security and you do not want the risks to go through the review and approve process each time they are updated. How will you meet this requirement?

Options:

A.  

Add the Risk Reviewer Composite duty role to the person who creates the risks so he or she would be able to review them before saving the record.

B.  

Use only the Risk Approver Composite duty role in the configurations so the risks will not go through the review process.

C.  

Ensure that only the upper management is given the Risk Reviewer Composite duty role so they could review the risks that they want to review.

D.  

Ensure that no user has been assigned a job role that includes the Risk Reviewer Composite or Risk Approver Composite Duty Role.

Discussion 0
Questions 5

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?

Options:

A.  

The user will have the option to select the older or newer versions of the test plans during the assessment process.

B.  

The scheduled assessment process will end in error.

C.  

The assessment will be associated with the version of the test plans from the time of assessment initiation.

D.  

The updated test plans will become available during the assessment.

Discussion 0
Questions 6

Which part of the security structure cannot be created or viewed from the Security Console, when configuring security for Financial Reporting Compliance?

Options:

A.  

Composite Duty Role

B.  

Job Role Perspective Policy

C.  

Data Security Policy

D.  

Functional Security Policy

Discussion 0
Questions 7

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?

Options:

A.  

The incident is deferred.

B.  

The incident remains in “Closed” status and additional remedial action cannot be taken.

C.  

The incident remains in “Closed” status and assigned users receive a notification that additional access incidents have been identified.

D.  

The incident is copied and a new incident is created based on the original incident.

E.  

The incident status changes to “Assigned.”

Discussion 0
Questions 8

Select three fields that are required to create an impromptu assessment. (Choose three.)

Options:

A.  

Due Date

B.  

Template

C.  

Name

D.  

Reviewer

E.  

Perspectives

F.  

Activity

Discussion 0
Questions 9

You are building a transaction model to identify invoices with USD amounts that are greater than the supplier’s average invoice amount. The order of the filters is important.

1. Add an “Average” Function filter grouping by “Supplier ID” where “Invoice Amount” is greater than 0.

2. Add a standard filter where “Invoice Currency” equals “USD.”

3. Add a standard filter where the delivered “Average Value” attribute is less than “Invoice Amount.”

What is the correct order of the filters for this transaction model?

Options:

A.  

1, 3, 2

B.  

1, 2, 3

C.  

2, 3, 1

D.  

3, 2, 1

E.  

2, 1, 3

Discussion 0
Questions 10

Which two should you determine to ensure that your client can successfully maintain and administer Perspectives post go-live? (Choose two.)

Options:

A.  

Identify if your client wants to review and/or approve new perspectives or changes made to existing perspectives.

B.  

Identify lookup values that need to be created for Control, Risk, and Issue Type fields.

C.  

Identify users who will be responsible for creating and maintaining perspectives, both for security as well as reporting.

D.  

Identify users who will be responsible for creating and maintaining controls and/or risks.

Discussion 0
Questions 11

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.)

Options:

A.  

Worklist assignment Result Investigator should be set to specific users.

B.  

Custom perspective for Department linked to the Results object with Required set to “No”

C.  

Custom perspective for Department linked to the Results object with Required set to “Yes”

D.  

Investigators are assigned job roles with custom Department perspective data roles attached. Other incident users receive job roles which only allow viewing of incidents.

E.  

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.

F.  

Worklist assignment Result Investigator should be set to “All Eligible Users”

Discussion 0
Questions 12

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.

Options:

A.  

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

B.  

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

C.  

After you have completed the remediation plan, click the Close button on the Remediation Plan page.

D.  

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

Discussion 0
Questions 13

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.)

Options:

A.  

Navigate to Risk Management Tools > Setup and Administration > Data Migration, and select Advanced Controls.

B.  

Generate Template as Without Data.

C.  

Navigate to Manage Module Perspectives.

D.  

Generate Template as Without Data – Perspectives Only.

E.  

Click the Create Import Template button.V

Discussion 0
Questions 14

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.)

Options:

A.  

To relate controls to risks, the risks must be in “approved” state.

B.  

You cannot use the Data Migration tool to add control records to map to existing risks.

C.  

You can use the Data Migration tool to add control records for the 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.  

You can manually add control definitions and relate them to the risks in Financial Reporting Compliance.

Discussion 0
Questions 15

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?

Options:

A.  

The assessor can request the reviewer to attach the document during the review.

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 reject the assessment. After the assessment is rejected, the assessor can then attach the document and resubmit the assessment.

D.  

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.

Discussion 0
Questions 16

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?

Options:

A.  

20

B.  

16

C.  

8

D.  

4

E.  

25

Discussion 0
Questions 17

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?

Options:

A.  

Both R100 and C100 will be in the “In Review” state.

B.  

Both R100 and C100 will be in the “Awaiting Approval” state.

C.  

Both R100 and C100 will be in the “Approved” state.

D.  

Both R100 and C100 will be in the “New” state.

Discussion 0
Questions 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?

Options:

A.  

.xlsx

B.  

.doc

C.  

.pdf

D.  

.xml

E.  

.txt

Discussion 0
Questions 19

You have five business units in our company, BU1 through BU5. You want to build a transaction model to identify suppliers who have been paid more than $100,000 USD across all business units except BU5.

Which two filters must be combined? (Choose two.)

Options:

A.  

Add a standard filter where the “Payment” object’s “Organization ID” equals BU1, BU2, BU3, BU4.

B.  

Add a function filter grouping by “Supplier ID” where the sum of “Payment Amount” is greater than 100,000.

C.  

Add a function filter grouping by “Organization ID” where the sum of “Payment Amount” is greater than 100,000.

D.  

Add a standard filter where the “Payment” object’s “Organization ID” equals BU5, and advanced option “Exclude” is checked.

E.  

Add a standard filter where the “Payment” object’s “Organization ID” is equal to itself.

Discussion 0
Questions 20

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.)

Options:

A.  

The Control Manager was not given the correct data security policy to access the controls.

B.  

The Perspective Hierarchy was not associated to the Control Object.

C.  

There was no Control Type associated with the controls.

D.  

The Perspective Hierarchy is not in the Approved state.

E.  

No risks were mapped to the imported controls.

Discussion 0
Questions 21

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?

Options:

A.  

Template

B.  

Control

C.  

Model

D.  

Filter

E.  

Business object

Discussion 0
Questions 22

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?

Options:

A.  

Resolved

B.  

Remediation

C.  

Remedy

D.  

Authorized

E.  

Accepted

Discussion 0