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Topics of Oracle Risk Management Cloud 2020 Implementation Essentials 1z0-1058-20 Exam
Candidates must know the exam topics before they start of preparation. Our 1z0-1058-20 Dumps will include the following topics:
1. Gather Requirements for Risk Management Implementation (fka Gather Requirements for Financial Reporting Compliance Implementation)
- Describe Risk Management (fka Describe Financial Reporting Compliance)
- Describe Objects
- Plan to gather information for the implementation
- Implement the Best Practice Process
- Design Perspectives, both as it relates to security and reporting
2. Data Migration
- Populate an import template
- Assemble existing risk control matrix data
- Validate an import template prior to import
- Explain the steps to import and export data
- Troubleshoot errors during an import
3. Manage Objects
- Relate objects to one another
- Describe how to create objects
- Create Review and Approve workflows for objects
- Create Control Test Plans
4. Manage Issues
- Manage the issue resolution process
- Explain security for Issues
- Create and manage issues
- Describe an Issue lifecycle
5. Advanced Access Controls (fka Application Access Controls Governor)
- Explain Entitlements
- Configure Conditions
- Create and manage Models and Controls
- Explain Simulation and Remediation
6. Initial Financial Reporting Compliance Configuration (fka Initial Configuration)
- Configure a pod for Financial Reporting Compliance Implementation
- Configure Module Objects
- Configure and manage Lookups
7. Security
- Configure and create Perspective-based Data Security policies
- Describe Job roles, Duty roles, and Data Security policies
- Configure and assign Job and Duty roles
- Describe jobs and processes related to security
8.Manage Assessments
- Initiate ad-hoc assessments
- Initiate planned assessments
- Explain planned and ad-hoc assessments
- Complete assessments
- Create assessment templates and plans
9. Initial Advanced Controls Configuration (fka Fusion GRC Set Up and Administration)
- Explain reporting
- Configure security
- Describe modules
- Create and manage Perspectives
10. Advanced Financial Controls (fka Transaction Controls Governor)
- Describe Models and Controls
- Explain Result Management
- Configure Functions
- Configure Patterns
- Configure Filters
NEW QUESTION 31
Your customer needs to conduct monthly Operational Effectiveness assessments for controls across two organizations (North America and EMEA). Your customer requires that assessment results for North America be accessible only tousers in North America and likewise for EMEA. Additionally, the Chief Risk Officer reviews the assessment results by Business Process every week.
How should you design perspectives to achieve this?
- A. Use the Region hierarchy for security and the BusinessProcess hierarchy for reporting of controls.
- B. Use the Region hierarchy initially, and later use both Region and Business Process hierarchies for security.
- C. Use both Region and Business Process hierarchies solely for reporting purposes.
- D. Use the Business Process hierarchy for security and the Region hierarchy for reporting of controls.
Answer: A
NEW QUESTION 32
Which statement related to Advanced Access Controls is true?
- A. If helps enforce segregation of duties.
- B. It analyzes transaction records.
- C. If helpsperform risk analysis and evaluation.
- D. It documents risks and controls.
Answer: A
NEW QUESTION 33
How do you add values to a Risk Type list of values?
- A. Populate the Import template with the new values in the Issue Severity column on the Controls tab.
- B. Because you cannot add newvalues, update one 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. Add the lookup codes to the GRCM_RISK_TYPE Lookup Type.
- E. Use the default lookup codes because there is no way to update the existing ones.
Answer: D
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. Model
- B. Filter
- C. Template
- D. Control
- E. Business object
Answer: A
NEW QUESTION 35
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.)
- A. Add a function filter grouping by "Organization ID" where the sum of "Payment Amount" is greater than 100,000.
- B. Add a standard filter where the "Payment" object's "Organization ID" equals BU1, BU2, BU3, BU4.
- C. Add a standard filter where the "Payment" object's "Organization ID" is equal to itself.
- D. Add astandard filter where the "Payment" object's "Organization ID" equals BU5, and advanced option
"Exclude" is checked. - E. Add a function filter grouping by "Supplier ID" where the sum of "Payment Amount" is greater than
100,000.
Answer: A,B
NEW QUESTION 36
A user has created and submitted a new control and the state of the control is "In Review." The userexpected that the control state would change to "Approved." Why is the control not in the "Approved" state?
- A. The Control Approver role has been assigned to some users.
- B. New controls must always be reviewed, irrespective of security configuration.
- C. This user is not a Control Approver; therefore, the status will be "In Review."
- D. The Control Reviewer role has been assigned to someusers.
Answer: C
NEW QUESTION 37
After adding a new control in Financial Reporting Compliance, the control owner clicks Submit. Users with theControl Reviewer and Control Approver roles exist.
What is the expected outcome?
- A. The control goes into the "In Review" state.
- B. The control goes into the "Waiting for Approval" state.
- C. The control goes into the "Approved" state.
- D. The control goes into the "New" state.
Answer: A
NEW QUESTION 38
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. A user sets the State of the incident to "Remediate".
- C. A global condition was added that resolves the conflict and a subsequent evaluation of controls finds that the incident no longer exists.
- D. A user sets the Status of the incident to "Resolved".
- E. The incident is resolved inFusion Cloud and a subsequent evaluation of controls finds that the incident no longer exists.
Answer: B,E
NEW QUESTION 39
When running Synchronize Transaction from the Data Sources page of Application Configurations, which statement is true when you have two models using invoice and payment business objects?
- A. Two jobs will run for the two objects based on transactions dated after the Transaction Created As of Date.
- B. One job will run for the two objects and the Transaction Created As of Date has no impact on the data.
- C. One job will run for the two objects based ontransactions dated before the Transaction Created As of Date.
- D. One job will run for the two objects based on transactions dated after the Transaction Created As of Date.
Answer: D
NEW QUESTION 40
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 C
- B. Option A
- C. Option E
- D. Option B
- E. Option D
Answer: B,E
NEW QUESTION 41
An assessor is trying to complete an operational assessment on a control for manual AP Invoice entry and is reviewing Prior Results.
Which statement is true about viewing Prior Results for this control?
- A. He or she will be able to review results of all prior assessments of all types for all controls.
- B. He or she will beable to review only results of prior operational assessments for this control.
- C. He or she will be able to review results of all prior assessments of all types for this control.
- D. He or she will be able to review results of all prior Audit tests and operational assessments for this control.
- E. He or she will be able to review results of all prior operational assessments for all controls.
Answer: D
NEW QUESTION 42
Which two filters must be combined to identify different suppliers who use the same taxpayer ID? (Choose two.)
- A. Standard filter where the "Supplier" object's "Allow Withholding Tax" is not blank.
- B. Function filter grouping by "Taxpayer ID" where count is greater than 1.
- C. Standard filter where the "Supplier" object's "Taxpayer ID" is not blank.
- D. Function filter grouping by "Supplier ID" where count is greater than 1.
- E. Standard filter where the "Supplier" object's "Supplier ID" is equal to itself.
Answer: C,D
NEW QUESTION 43
You are designing data for data import. The customer decided that they want to secure controls based on their company organization.
Which three worksheets of the import template are required to accomplish this requirement? (Choose three.)
- A. Control Test Plans
- B. Perspective-Control
- C. Controls
- D. Perspective Items
Answer: A,C,D
Explanation:
Explanation
References:
NEW QUESTION 44
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 and control objects are inactive and need to be made active.
- B. The Risk Owner account is inactive.
- C. The Risk Owner role does not have the rightprivileges.
- D. The Risk Administrator needs to run the synchronize jobs to populate the mapping.
Answer: C
NEW QUESTION 45
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 canthis be accomplished?
- A. The control manager should create a new test plan with Audit Test and Design Review as assessment types.
- B. The control's test plan should be updated to include both Audit Test and Design Review as assessment types.
- C. The control's test plan should be updated to Audit Test as the assessment type.
- D. The controlmanager does not need to update the control because any initiated assessment will include all control test plans.
Answer: B
NEW QUESTION 46
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