As with most modern CPUs, the ARM CPU IP is heavily validated before tape-out. However, since the ARM ISA is relatively simple compared to the beastly x86 ISA, the validation tends to catch most errors.
In the event that there's a flaw in the processor logic, often times they can be worked around at the system software level. Otherwise, the user is pretty much S.O.L. until the chip is physically replaced.
The errata documentation for ARM CPUs are in the documentation center, but you have to be a registered ARM customer to view them. From what I've seen, there are a few bugs that can't be worked around, and require new hardware.
Anyway, you can see a sampling of workarounds applied in the Linux kernel here:
https://git.kernel.org/cgit/linux/k...ree/arch/arm/Kconfig?id=refs/tags/v3.13#n1080