Currently when a company is excluded from the RFM they are excluded also from the Alerts report, however they will appear in the orders report and the needs attention report and the other reports on the dashboard.
There should be an option to exclude the customer from all reports on the account manager dashboard as well as all the other dashboards.
The previous setting to "Exclude from RFM" has been update to exclude from CLTV (Customer LifeTime Value) features