In the Health section of the admin portal, you have the Service health dashboard, which monitors how the services are doing and the present status of each one, as shown in the following screenshot:
For example, this incident has the following status:
When you click on the Show details link, you can see the detailed information for this incident, as shown in the following screenshot:
You can see more details under the Message history section, as shown in the following screenshot:
Not all incidents shown in the portal affect your Office 365 environment. This monitoring is a proactive way that Microsoft provides to customers on the region that your Office 365 is based to inform them that an issue is occurring and may affect you.