Various approaches for updating system monitoring policy parameters. In one approach, updates to the monitoring policy parameters are transmitted to an event server via an event report. The event server transmits the event report to a subcomponent manager executing on the monitored system. The subcomponent manager determines to which of a plurality of monitoring subcomponents the update is to be applied. The subcomponent manager then suspends the execution thread of the monitoring subcomponents, updates monitoring policy parameters of the subcomponent with data from the event report, and thereafter resumes the execution thread of the subcomponents. The subcomponent then operates with the updated monitoring policy parameters.