Access logging
Microsoft 365 and most business systems can record who accessed or changed a file or record, and for how long that log is kept. IT can turn this on and keep it running - it cannot decide what your specific obligation requires you to log.
Retention settings
Mailbox, file, and record retention can be configured to match a period you specify. IT applies the setting; your organization, with counsel, sets the number.
Breach-notification mechanics
If an incident happens, IT can help establish what was accessed, when, and by which account - the technical facts a notification needs. Whether an event legally qualifies as a reportable breach, and what the notice must say, is a legal determination.
Access control and least privilege
Restricting who can open which records, and removing access promptly when someone leaves or changes roles, is an ordinary access task IT already performs - and one a privacy obligation makes more consequential.
Vendor and sub-processor visibility
Keeping a current list of which cloud vendors and applications hold personal information supports a privacy assessment. It does not replace one.