You are the IT administrator of an organization with a Microsoft 365 subscription. You need to be notified by email whenever someone is assigned administrative permissions in your Exchange Online organization. How would you configure this from the Security & Compliance admin center?

Answer options:

A.From Search & investigation, create an eDiscovery case.
B.From Data privacy, create a Data subject request.
C.From Records management, create an Event.
D.From Alerts, create an alert policy.

Correct Answer: D 
You need to create an alert policy for Elevation of Exchange admin privilege. 
When enabled the policy generates an alert when someone is assigned administrative permissions in your Exchange Online organization. For example, when a user is added to the Organization Management role group in Exchange Online. 

Since the answer is given in the documentation, the other options are incorrect. 
Reference: 
To know more about alert policies, please refer to the link below: 

https://docs.microsoft.com/en-us/microsoft-365/compliance/alert-policies?view=o365-worldwide