UPDATE, December 17, 2018: Microsoft has now resolved this issue with a new update – Microsoft Fixes Outlook Update that Broke Rules and Alerts in November
Microsoft has communicated a newly identified bug in Microsoft Outlook that was introduced by security updates from November.
When a user attempts to use the Manage Rules & Alerts option in the Outlook application, they are confronted with the following error message:
The bug affects Outlook 2010, 2013, and 2016.
Microsoft’s workaround, for now, is to use the OWA version of Outlook to manage rules and alerts.
The company is researching the issue and working on a resolution.