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

To associate a risk to a control within Oracle Risk Management, you would use the control definition. Specifically, you would navigate to the Related Objects tab within the control definition and add the risk there. This process links the risk directly to the control, allowing for a clear association between the two within the system.

References:The Oracle Cloud Risk Management and Compliance documentation provides insights into how risks and controls are managed within the system, including the association of risks to controls1. Additionally, the Implementing Risk Management guide from Oracle’s official documentation outlines the steps and considerations for setting up and managing risks and controls, which includes associating risks to controls2.

• Create an Imported Business Object: Import the file containing the list of companies into Oracle Risk Management as an imported business object1.
• Select the ‘Payment’ Business Object: Choose Oracle’s delivered “Payment” business object, which includes attributes related to payment transactions2.
• Combine Objects in a Model: Use the transaction model to combine the imported business object with the “Payment” business object1.
• Add a Standard Filter: Implement a standard filter to compare the “Remit to Supplier Name” from the “Payment” object with the “Company Name” from the imported business object. Set the similarity condition to 95% to identify payments made to companies on the list1.

References:

• Oracle’s documentation on Overview of Transaction Models provides insights into how transaction models can uncover transactions that might involve risk, such as payments to unwanted companies.
• The Overview of Business Objects explains how to work with imported objects and combine them with delivered objects for analysis.
• Detailed instructions on Selecting Business Objects for a Transaction Model guide through the process of creating and using filters within a model.

• 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.

• Data Security Policies: These are essential for defining who has access to what data within Oracle Risk Management. Without these policies, even if the controls exist, they will not be visible to users.
• Control Manager Security Role: Assigning this role to a user is not sufficient for them to see controls. The data security policies specifically related to the controls must be created and associated with the user’s role.
• Visibility of Controls: For controls to be visible in the Financials Risk Compliance (FRC) module, the data security policies must grant access to the controls based on the user’s role.

References:The information provided here is based on Oracle’s documentation on Risk Management Cloud, which outlines the importance of data security policies in ensuring the visibility of controls within the system12. For a detailed understanding of the creation and assignment of data security policies, refer to the official Oracle documentation.

• Navigate to the Risk Management work area.
• Select the Manage Object Perspectives task.
• Search for the Control-Business Units association.
• In the Required field for the Control-Business Units association, set the value to Yes.
• Save and close the Manage Object Perspectives screen.

This action ensures that when new controls are defined, it is mandatory to assign a Business Units perspective to each control.

References:

• Oracle documentation on managing object perspectives1.