Hi anonymous user , the official document about Microsoft 365 here list the Permissions required to create and manage retention policies and retention labels
To grant permissions for this limited administration, we recommend that you add users to the Compliance Administrator admin role group
In Exchange side, we can use the command Get-ManagementRole -Cmdlet xxx-xxx to check what roles are needed to perform the action we want
For example: we can test the result if we want to run get-retentionpolicy
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