I was following this article to create new alert policies from the Security and Compliance center in the Office 365 admin center as mentioned in the article below and the "New Alert policy " button is missing for me . I'm the global admin for my tenant and I'm not sure why I'm missing that option . Any leads ?
Alert policies require E5 or the advanced data governance SKU, do you have those in your tenant? Without them, you can only create the old "activity alerts" (available under https://protection.office.com/#/managealerts).