Changes made to Identity Panel can only be made by those with permissions through a role, which is tied to an AD group, claim, or an AzureAD group, depending on your configuration.
When a change is made, a Workflow can be fired. Typically, this is done to send an email, notifying who made the change, and what they changed.
A history of changes can be found in Identity Panel here: https://identitypanel.com/settings/versioncontrol. Changed the IdentityPanel.com to your server or SaaS instance's URL.
At the time of this writing, 3.3.9 is current. You cannot see the specifics of what someone changed, without rolling back the change and comparing. However, a future version will have the ability to see what was changed.