DBJ,
Can you further define "receive alerts on potential database exceptions"? I am going to guess that you might like an Email if a DB2 object is in an unnatural state such as restricted state or has a high percentage of space used. Is this an example of something you want to accomplish? If so, the CA Sysview for DB2 for z/OS product has a great Exception Processing Definition and Monitoring process.
If you are looking for exceptions to SQL execution, the CA Detector For DB2 for z/OS product can handle this type of processing.