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Question 1:

Which three steps can be performed by using the Configure Module Objects pages? (Choose three.)

A. Choose display (or hide) configurable options for: results, events, consequences and treatments.

B. Set “object-perspective” association.

C. Create object data import templates.

D. Edit the assessment activity question and guidance text for all assessment types.

E. View assessment response details for all assessment types.

Correct Answer: ABE

Reference: https://docs.oracle.com/cd/E83857_01/saas/risk-management/r13-update17d/farrm/module-management.html#FARRM1554694


Question 2:

Which three are true about implementing a best practice solution for Financial Reporting Compliance? (Choose three.)

A. Large scope of project requires high effort for maintenance and administration.

B. It promotes rapid implementation and go-live.

C. It promotes go-live with minimal acceptance testing and user training.

D. It provides maximum return on investment with minimum project risk.

E. It promotes successful adoption and minimizes on-going cost of operation.

Correct Answer: BDE

Reference: https://www.slideshare.net/DaneRoberts/oow16-implement-the-best-practice-for-oracle-financial-reporting-compliance-cloud


Question 3:

Which three risk assessment activity types are available in Financial Reporting Compliance? (Choose three.)

A. Design Review

B. Qualitative Analysis

C. Quantitative Analysis

D. Certify

E. Audit

F. Assess Risk

Correct Answer: ADF

Reference: https://docs.oracle.com/en/cloud/saas/risk-management/19a/fafrc/using-financial-reporting-compliance.pdf (38)


Question 4:

You are implementing Advanced Access Controls and there is a requirement for a control to monitor user access to specific, client-defined access points which give users the ability to both initiate a purchase order and approve payments on

that purchase order.

Which is a valid option to implement the control?

A. From the “Access Entitlements” page create two entitlements containing the respective client-defined access points. Create an access model from the “Models” tab of Advanced Controls, based on the entitlements you created.

B. Select Actions > Create Access Control from the “Controls” tab of Advanced Controls.

C. Create an access model from the “Models” tab of Advanced Controls, and then define an access point filter for each individual client-defined access point.

D. From the “Access Entitlements” page create two entitlements containing the respective client-defined access points. Create an access model from the “Models” tab of Advanced Controls, based on the entitlements you created. Finally, deploy an access control in the “Controls” tab of Advanced Controls, and select the access model you created.

E. Create an access entitlement from the “Access Entitlements” page, then select Actions > Create Access Control from the “Controls” tab of Advanced Controls, and select the entitlement you created.

Correct Answer: D

Reference: https://docs.oracle.com/en/cloud/saas/risk-management/19a/fauaa/managing-model-and-control-elements.html#FAUAA2808789


Question 5:

You have built a transaction model to identify possible duplicate charges between invoicing and expense credit cards. The model logic already includes two standard filters that identify amounts and suppliers that are the same or similar, as shown:

Which additional date filter will further refine the set of duplicate charges found?

A. The “Payables Invoice” object\’s “Invoice Date” attribute is greater than the “Expense Report Credit Card Transaction” object\’s “Transaction Date” attribute.

B. The “Expense Report Credit Card Transaction” object\’s “Last Updated Date” attribute is greater than the “Relative Value” of 3 months.

C. The “Expense Report Credit Card Transaction” object\’s “Transaction Date” attribute is not blank.

D. The “Payables Invoice” object\’s “Invoice Date” attribute is similar to the “Expense Report Credit Card Transaction” object\’s “Transaction Date” attribute within /- 10 days.

Correct Answer: D


Question 6:

Which two filters must be combined to identify different suppliers who use the same taxpayer ID? (Choose two.)

A. Function filter grouping by “Supplier ID” where count is greater than 1.

B. Standard filter where the “Supplier” object\’s “Supplier ID” is equal to itself.

C. Function filter grouping by “Taxpayer ID” where count is greater than 1.

D. Standard filter where the “Supplier” object\’s “Allow Withholding Tax” is not blank.

E. Standard filter where the “Supplier” object\’s “Taxpayer ID” is not blank.

Correct Answer: AE


Question 7:

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 in Fusion Cloud and a subsequent evaluation of controls finds that the incident no longer exists.

B. A global condition was added that resolves the conflict and a subsequent evaluation of controls finds that the incident no longer exists.

C. A user sets the State of the incident to “Remediate”.

D. The incident is resolved using simulation in AAC and a subsequent evaluation of controls finds that the incident no longer exists.

E. A user sets the Status of the incident to “Resolved”.

Correct Answer: AC


Question 8:

The internal auditor advised the Control Owner of North America to perform assessment for two P2P controls.

Which three steps can the Control Owner perform to kick-off assessments for only those two controls? (Choose three.)

A. Initiate a planned assessment that includes all controls assigned to perspective P2P.

B. Perform impromptu assessments for the two controls.

C. Enable impromptu assessments during configuration of module objects.

D. Initiate a planned assessment and include the two controls as part of the same assessment.

E. Initiate two planned assessments, one for each control.

Correct Answer: ACE


Question 9:

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?

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.”

Correct Answer: CE


Question 10:

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.)

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.

Correct Answer: CD

Reference: https://docs.oracle.com/en/cloud/saas/risk-management/18b/farrm/implementing-risk-management.pdf


Question 11:

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 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.

Correct Answer: AC


Question 12:

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. Template

B. Control

C. Model

D. Filter

E. Business object

Correct Answer: C

Reference: https://docs.oracle.com/en/cloud/saas/risk-management/19a/fauaf/introducing-oracle-advanced-financial-controls.html#FAUAF1837752


Question 13:

An organization has a list of companies with which they no longer wish to do business. The list is not stored in their ERP Could but is stored in a file. Which transaction model will identify payments made to these companies?

A. Create an Imported business object that can be used in conjunction with Oracle\’s pre-built “Payment” object. One both objects are in your model, add this standard filter: the “Payment” object\’s “Remit to Supplier Name” is similar to the custom object\’s “Company Name” by 95%.

B. Add a configurable attribute “Company Name” to Oracle\’s pre-built “Payment” object. Then add this standard filter: “Remit to Supplier Name” equals “Company Name”.

C. You cannot define this model because imported objects from a file cannot be used with delivered objects.

D. Create an Imported business object that can be used in conjunction with Oracle\’s pre-built “Payables Invoice” object. Once both objects are in your model, add this standard filter: the “Payables Invoice” object\’s “Supplier Name” equals the custom object\’s “Company Name”.

Correct Answer: D


Question 14:

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

A. Due Date

B. Template

C. Name

D. Reviewer

E. Perspectives

F. Activity

Correct Answer: ABC

Reference: https://docs.oracle.com/en/cloud/saas/risk-management/19b/fafrc/assessments.html#FAFRC1551749


Question 15:

When you view or edit a transaction incident, you may see extra columns that are not present in the business objects used in the control. What three kinds of control logic or conditions can cause this? (Choose three.)

A. Equals (when the same attribute is used on both sides of the condition)

B. Not in

C. Similar

D. Average Function

E. Between (when using a date attribute)

Correct Answer: BDE


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