Oracle 1z0-1058-23 Dumps

• Access the Oracle Risk Management application.
• Navigate to the Security Console.
• Review the role configuration for ‘Control Manager’ to understand the permissions and controls associated with the role.
• Identify the controls that are associated with the perspectives that User A has access to.
• Determine which controls User A can manage based on their role configuration and the control-perspective association.

References:

• Oracle Risk Management and Compliance documentation1.
• Oracle documentation on creating Risk Management roles in the Security Console2.
• Oracle University’s course materials on Oracle Risk Management Cloud3.

To build a transaction model that identifies invoices with USD amounts greater than the supplier’s average invoice amount, the filters must be arranged to first calculate the average invoice amount for each supplier, then select only those invoices in USD, and finally compare the invoice amounts to the average. Here’s the correct order:

• Add an “Average” Function filter grouping by “Supplier ID” where “Invoice Amount” is greater than 0. This will calculate the average invoice amount for each supplier.
• Add a standard filter where “Invoice Currency” equals “USD.” This will narrow down the invoices to those in USD currency.
• Add a standard filter where the delivered “Average Value” attribute is less than “Invoice Amount.” This will identify the invoices that are greater than the average amount calculated for each supplier.

References:The arrangement of filters is based on the AND relationship processing order as described in the Oracle Risk Management documentation, which specifies that filters at one level are evaluated before those at the level below it1.

• 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.

• In a model: You can create a new condition logic filter within a model, select the specific operating unit attribute and its value, and then apply an exclusion through the advanced options checkbox. This method allows you to set up a filter that specifically targets the operating unit you wish to exclude.
• Create Access Global Condition page: By navigating to this page, you can create a new condition logic filter, again selecting the operating unit attribute and its value, and perform an exclusion through the advanced options checkbox. This approach is similar to the first but is done through the global condition page, which may offer a broader scope of application.

References:The information provided here is based on Oracle’s documentation on Risk Management and Compliance, which outlines the procedures for excluding an operating unit in scenarios where there is insufficient personnel to maintain segregation of duties12. For a detailed understanding of these processes, refer to the official Oracle documentation.

• Perform Impromptu Assessments: The Control Owner can perform impromptu assessments for the two P2P controls. This allows for immediate assessment without the need for a scheduled plan and is useful for ad-hoc analysis.
• Initiate a Planned Assessment for Both Controls Together: The Control Owner can initiate a planned assessment and include both controls in the same assessment. This is a more structured approach where the controls are assessed as part of a predefined schedule.
• Initiate Separate Planned Assessments: Alternatively, the Control Owner can initiate two separate planned assessments, one for each control. This allows for individual attention to each control but requires managing two separate assessment processes.

References:The information provided is based on the Oracle Risk Management Cloud documentation, which outlines the processes for control assessments, including impromptu and planned assessments12. The references detail how Control Owners can manage and execute control assessments within the Oracle Risk Management framework.

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.

• Validate New Lookup Values: Before importing data, it’s crucial to ensure that any custom list of values, such as Control Frequency, has new lookup values created. This is necessary because the import process relies on these values to correctly map the imported data to the corresponding fields in the Oracle Risk Management system.
• Validate Worksheet IDs: It’s important to check that there are no duplicate worksheet IDs within the same worksheet. Duplicate IDs can cause conflicts and errors during the import process, leading to data corruption or loss.
• Validate System ID Column: The System ID column must be populated correctly to maintain data integrity. This column typically contains unique identifiers for records, which are used to track and manage data throughout the import process.

References:

• For the validation of new lookup values and ensuring the correct population of the System ID column, refer to the best practices outlined in the Oracle documentation on import and export management1.
• The importance of unique worksheet IDs and their validation is discussed in the Oracle Risk Management User Guide, which provides instructions on preparing data for import2.

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.

• 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.

In Oracle Risk Management, when you want to identify Controls with the most Incidents, particularly where those Controls account for a significant percentage (like 80%) of all Incidents, you would apply the Pareto principle. This principle is also known as the 80/20 rule, where roughly 80% of the effects come from 20% of the causes. In this context, after importing a custom object that contains the number of incidents associated with each control into a transaction model, you would use the Pareto pattern filter. This filter will help you identify the subset of Controls that are contributing to the majority of Incidents, allowing you to focus on the most critical areas that need attention.

References:

• Oracle Advanced Controls Cloud Service documentation1.
• Overview of Oracle Advanced Controls2.

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.

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.

To meet the customer’s requirements for conducting Operational Effectiveness assessments with restricted access and specific review processes, you should design perspectives using the Region hierarchy for security purposes and the Business Process hierarchy for reporting. This approach allows you to:

• Assign perspective values to controls and assessments based on the Region hierarchy to ensure that assessment results are accessible only to users within the respective regions (North America and EMEA).
• Utilize the Business Process hierarchy for organizing and reporting control assessments, enabling the Chief Risk Officer to review the results by Business Process on a weekly basis.

By separating the security and reporting functions into two distinct hierarchies, you can effectively manage user access and provide structured reporting that aligns with the customer’s organizational and operational needs.

References:The solution is derived from Oracle’s documentation on perspectives, which explains how perspective values can be assigned to object records for sorting and filtering, as well as for security and reporting purposes in risk management and compliance processes12. It is essential to consult the latest Oracle Risk Management documentation to ensure the perspectives are designed correctly for the specific use case345.

• 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.

• Status: Open; State: In Edit - When an issue is in the ‘Open’ status, it indicates that the issue is active and being worked on. The ‘In Edit’ state signifies that the issue has been updated and saved, but the update hasn’t been submitted yet.
• Status: Open; State: New - An issue with the ‘New’ state has been created and saved but not submitted. It is still open for editing.
• Status: On Hold; State: In Review - An issue can be put ‘On Hold’ if it is not currently being worked on, but it is still under review, which means it can be edited.
• Status: On-Hold; State: Reported - When an issue is reported and put on hold, it is awaiting further action but can still be edited.

References:

• Oracle documentation on the state and status of records in Financial Reporting Compliance provides detailed information on how records move from one state and status to another and how these are connected to security and user permissions1.
• The Oracle guide on creating or editing an issue outlines the process and conditions under which an issue can be edited, including the different statuses and states2.
• Additional information on incident status and state can be found in the Oracle documentation, which explains the implications of various statuses and states on the ability to edit an issue3.

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.

• Use the Function filter to group suppliers by their “Taxpayer ID”. This will aggregate all suppliers under each unique taxpayer ID.
• Set the count condition to greater than 1 to ensure that only taxpayer IDs used by more than one supplier are selected.
• Apply a Standard filter to exclude any suppliers where the “Taxpayer ID” field is blank, ensuring that only suppliers with a valid taxpayer ID are considered.

References:

• Oracle documentation on supplier taxpayer ID sharing provides insights into managing suppliers with the same taxpayer ID1.
• Additional Oracle resources discuss the configuration of suppliers to share the same taxpayer ID and the implications of doing so234. These documents provide the necessary steps and considerations for identifying suppliers with shared taxpayer IDs, which align with the filters mentioned in the verified answer.

In Oracle Risk Management, when a business owner is assigned a new role, there may be a delay before the worklist reflects this change. This is because the system needs to refresh the data to include the new role assignments in the worklist generation process. If the business owner responsible for the “Order to Cash” perspective does not see any worklists for the generated incidents, despite having the correct functional privileges and data access, it is likely due to the recent assignment of the role. The system has not yet refreshed the worklists to include the business owner’s new role, which is necessary for them to view the worklists related to the generated incidents.

References:

• Oracle Risk Management Cloud documentation on role assignments and worklist generation1.
• Oracle support documents detailing how to regenerate worklists after changes to GRC security components2.

• Reviewing and approving control descriptions: Financial Reporting Compliance allows you to define business processes, identify risks, and create controls to counter those risks. Part of this process involves reviewing and ensuring the accuracy and completeness of control descriptions1.
• Reviewing control assessment results: The platform enables you to assess the validity of the controls over time. This includes reviewing the results of control assessments and any issues related to their effectiveness1.

References:

• Overview of Oracle Financial Reporting Compliance1.
• Oracle Fusion Financial Reporting Compliance Cloud Service2.

To populate the Control Method field with a new custom value, such as a third-party application, you would use the Lookup Code of the new lookup value. This process involves navigating to the Lookups page in the Setup and Administration work area, where you can manage the lookup codes and their meanings. Here’s a step-by-step guide:

• Open the Lookups page by selecting the Lookups tab in the Setup and Administration work area.
• Click on ‘Show Filters’.
• In the Meaning field of the Filters panel, enter the value you noted.
• Click ‘Search’ to find the specific lookup code.
• Once you have located the lookup code, you can use it to populate the Control Method field with the new custom value1.

References:

• Oracle Help Center documentation on adding a risk field2.
• Oracle documentation on managing lookups1.

To secure controls based on the company organization using the Oracle Risk Management import template, the following worksheets are essential:

• Perspective Items: This worksheet is used to define values for all perspectives. Each value must have a type code that matches the type code for the perspective it belongs to, which is set in the Perspective worksheet1.
• Controls: The Controls worksheet supplies data that defines the controls themselves. This is crucial for establishing the specific controls that will be secured1.
• Perspective-Control: This worksheet defines how perspective values relate to controls. It is necessary to associate specific controls with the relevant organizational perspectives1.

References:The information is based on the Oracle Risk Management documentation, which details the use of the Data Migration template and its worksheets for importing various types of data, including object data, transaction data, and association data1.

To create an impromptu assessment in Oracle Risk Management, the following steps are outlined:

• Navigate to the record of an individual process, risk, or control.
• Initiate the creation of an impromptu assessment.
• In the General region of the Create Impromptu Assessment page, you are required to:
• An Assessment Record Security Assignment region becomes active, where you can authorize users as viewers, assessors, reviewers, or approvers. Here, you would select a Reviewer for the assessment.

It’s important to note that an impromptu assessment does not require a template or a plan, and perspectives or activity are not mentioned as required fields in the documentation.

References:The information for creating an impromptu assessment is detailed in the Oracle documentation1. Further overview of assessments can be found in related Oracle documentation2.