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.

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.

• Choose display (or hide) configurable options: This allows users to manage the visibility of configurable options such as results, events, consequences, and treatments within the module.
• Set “object-perspective” association: Users can associate objects with specific perspectives, which helps in organizing and viewing data according to different business dimensions.
• Edit the assessment activity question and guidance text: This step involves customizing the questions and guidance text for various assessment activities to align with the organization’s specific requirements.

References:The information provided is based on the Oracle Risk Management documentation and resources, ensuring accuracy and adherence to the official guidelines12.

Please note that while ‘Create object data import templates’ and ‘View assessment response details for all assessment types’ are valid actions within Oracle Risk Management, they are not listed as steps that can be performed on the Configure Module Objects pages according to the provided documentation.

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.

• Identify Responsible Users for Perspectives: Determine the individuals or teams who will have the authority and responsibility to create and manage perspectives. This includes setting up the perspectives and ensuring they are aligned with the organization’s reporting and security requirements1.
• Identify Responsible Users for Controls/Risks: Establish who will be responsible for the creation and ongoing management of controls and risks within the system. This ensures that there is accountability and that these elements are kept up-to-date with the organization’s needs2.

References: For the official and verified answer, please refer to the Oracle Risk Management documentation on their website, specifically the sections discussing post go-live activities and the management of perspectives and security3142.

Once the remediation of a segregation of duties conflict is completed in Fusion Security by removing the conflicting access from the users, the status of the incident in Advanced Access Controls (AAC) should be set to “Resolved”. This indicates that the necessary actions have been taken to address the incident and no further immediate action is required. The “Resolved” status is used to signify that the incident has been dealt with and the conflict has been eliminated.

References:The information is verified and aligned with the Oracle Risk Management documentation, which details the incident statuses and states within the AAC1.

• The assessor navigates to the Manage Assessments page.
• They select the assessment that they have previously submitted.
• They click the Reopen button to reopen the assessment.
• The assessor can then attach the critical test evidence document that was initially forgotten.
• After attaching the document, the assessor can resubmit the assessment for review.

References:The steps are based on the Oracle Risk Management documentation which outlines the process for managing assessments, including the ability to reopen an assessment to attach additional documents before resubmitting it12.

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.

• Identify the organizations or business units: This involves determining the specific parts of the organization where the new controls will be applied. It is crucial to understand the scope of the controls within the organizational structure to ensure that the appropriate levels of review and approval are established.
• Identify users who will perform control review and approval: After defining the scope, the next step is to specify the individuals who will be responsible for reviewingand approving the controls. This includes assigning users to the roles that will have the authority to review and approve the controls at each required level.

References:The information provided is based on the Oracle Risk Management documentation, which outlines the processes for setting up approvals within the system123. These references detail the necessary steps and considerations for managing approvals and ensuring proper control within the Oracle Risk Management framework.

• In Oracle Risk Management Cloud, risks need to be in an “approved” state before you can associate controls with them. This ensures that only vetted and acknowledged risks are managed with corresponding controls.
• While the Data Migration tool is typically used for importing data from external sources, it is not designed for mapping controls to risks. Instead, controls are usually added manually within the system.
• After controls are defined, they can be related to the approved risks manually, ensuring that each risk is paired with appropriate control measures.

• For an incident to be automatically assigned a status of “Closed,” it must be resolved within the Fusion Cloud system. This is confirmed by a subsequent evaluation of controls that verifies the incident no longer exists.
• Similarly, if the incident is resolved using simulation within Advanced Access Controls (AAC), and a subsequent evaluation confirms the absence of the incident, it will also be automatically closed.

References:The information is based on Oracle’s documentation, which states that the actual resolution of incidents occurs outside of Oracle Fusion Cloud Advanced Controls. For example, resolving a purchase order in the Financials application or revising role assignments due to a separation-of-duties conflict can lead to the closure of an incident1. Additionally, closed incidents that are reopened through a request in Advanced Access Requests are assigned the Accepted status, indicating that the closure of incidents is tied to their resolution1.

1: Incident Status and State - Oracle Documentation

To meet the segregation of duties requirements in Oracle Advanced Access Controls, you would:

• Construct two separate models to represent the two segregation of duties requirements.
• For the first requirement, create a model with condition filters that identify users who have access to both supplier creation pages and invoice pages. This model will help ensure that a user can access either one of these functions but not both.
• For the second requirement, create another model with condition filters that identify users who have access to both invoice creation pages and payment creation pages. Similarly, this model will enforce that a user can access either one of these functions but not both.
• Deploy controls based on these models to continuously monitor for and prevent violations of the segregation of duties as defined.

By creating two models and corresponding controls, you can effectively enforce the segregation of duties requirements, ensuring that users have access to only one of the critical functions in each pair, thereby mitigating the risk of fraud or error.

References:The approach for enforcing segregation of duties using Oracle Advanced Access Controls is supported by Oracle documentation, which outlines the creation and use of models and controls to regulate user access and prevent conflicts123.

• On the Manage Issues page within Oracle Risk Management, users have the ability to link various related objects to an issue.
• The objects that can be associated with an issue include Assessments, Risks, and Controls.
• This association is crucial for maintaining a comprehensive view of the risk landscape and ensuring that all relevant factors are considered during the issue management process.

References:The information is based on the Oracle Risk Management Cloud documentation which details enhancements to reporting issues, remediation plans, and related objects1. Additionally, discussions on the Oracle community forums confirm that related objects such as processes can be viewed but are not directly related on the Risk Definition Page, indicating that the primary related objects are indeed Assessments, Risks, and Controls2.

This filter would allow the model to compare the dates of the invoice and the credit card transaction to ensure they are within a reasonable time frame of each other, which is indicative of a duplicate charge. A similarity within +/- 10 days is a common practice to account for processing delays while still capturing potential duplicates.

References: For the most accurate and detailed explanation, please refer to the Oracle Risk Management documentation on the Oracle site, specifically the sections that discuss building transaction models and setting up filters for identifying duplicate charges.

Please note that this is a logical deduction based on the information provided and not a verified answer from the official Oracle documentation. For a verified answer, you should consult the Oracle Risk Management documents directly.