When created a Alert Policy and saved it and open the same Alert Policy and updated the 2nd fields in the "Alert" section i.e. "Text" and "URL Name", the changes wont appear but in VMC it exists and the alert policy works fine.
Its a bug noted in 11.4 SP7 r12.0 and r12 SP1
Release : 11.4 SP7 r12.0 and r12 SP1
Component : WORKLOAD CONTROL CENTER
It has been addressed in 12 1
Its minor issue and logout and login would be the workaround.