This feature looks to identify activity and assign a risk level. “Risk detection and remediation”
All features look to be available in Azure AD Premium P2 and restricted number of features in Azure Premium P1 and Basic/Free.
Key differences are the notifications options only in Azure AD Premium P2.
There are three default polices
- User Risk
- Sign-In Risk
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MFA Registration
Example of the Identity Protection Policies
Reference How To Guides :