Within Data Studio, Alerts are designed to actively notify users of changes within companies in a Portfolio. The Alert type, frequency and recipients will depend on how these have been configured in the specific Portfolio(s). Watch Lists can be enabled in a Portfolio and will create a flag in a Company Report if the business is on a Watch List in a user's Portfolio. A Watch List will not generate an alert. Both Alerts and Watch Lists can be applied to entire portfolios separately of one another, or together. If a Portfolio has Alerts and/or Watch Lists set up, this will show in the Portfolio list. 

For more guidance on Alerts, please view this article.

For more guidance on Watch Lists, please view this article.