You can do this by setting up IP SLA collectors on IOS devices using IPM. You will want to setup jitter collectors to measure both latency and packet loss. Collectors are defined under IPM > Collector Mgmt > Collectors.
To get email alerts, though, you will will need to rely on syslog messages and RME (not DFM). You can setup the devices to send IP SLA syslog messages to RME via IPM > Admin > IPSLA Syslog Configuration.
