Apply sensitivity labels to your files and email - Microsoft Support
You can apply sensitivity labels to your files and emails to keep them compliant with your organization's information protection policies.
Track changes in Word - Microsoft Support
To track only your own changes - Go to Review > Track Changes > Just Mine. To track everyone's changes - Go to Review > Track Changes > For Everyone. Tip: to use a password to keep others from turning off Track Changes - Go to Review > Track Changes > Lock Tracking. You can choose the type of markup you want to see.
Apply or remove highlighting - Microsoft Support
You can select text or an image and then highlight it, or use the Highlight tool to mark different parts of a document. You can also remove highlighting or quickly find highlighted items in your document. Select the text that you want to highlight. Go to Home and, select the arrow next to Text Highlight Color. Select the color that you want.