Hi, We have a 1 month old who is very noisy during her sleep (just the usual baby noises, but lots of them all the time). We parents are both light sleepers - having her in the same room (as per the recommendation) with us results in zero sleep. Do you have any suggestions or recommendations for us? What about the child in another room with a baby monitor that alerts to turning over / crying etc?

Red Nose recommends Room Sharing, for all sleeps, for the first 6 - 12 months as part of reducing the risk of Sudden Unexpected Death in Infancy (SUDI)
However, many parents are unable to room share for various reasons.

Red Nose has the following information (in part)
Parents are not expected to observe their baby constantly. 

If your baby is sleeping in a separate room check baby regularly to ensure that the baby remains on the back and the head and face remain uncovered (as baby grows beyond 5-6 months they will move around the cot and roll over; settle baby to sleep on their back but let them find the sleep position they feel most comfortable in. 
A safe cot and safe sleep environment is still necessary for babies older than 5-6 months)

The protective effect of room sharing can be partially explained by increased adult supervision and observation of the baby.

Room-sharing facilitates a rapid response to a baby’s needs, and supports breastfeeding, and is more convenient settling and comforting of babies. It also provides closer mother-baby contact and communication
The protective effect of room sharing can be partially explained by increased adult supervision and observation of the baby. While this does not guarantee the baby’s safety, attentive and motivated parents may become aware of potentially dangerous situations such as the baby rolling into the tummy position or bedclothes covering the face and head, or baby movement or distress.

Studies suggest that the protective effect of room-sharing does not generalise to room-sharing with siblings or other children.
https://rednose.org.au/article/room-sharing-with-baby

While the use of a monitor does not take the place of active supervision, many parents do use a monitor as part of supervision of their baby however it is important to always ensure:

baby is always placed on back for sleep
keep baby’s head & face remain uncovered
sleep baby in safe environment for day & night time sleeps
baby is kept smoke free
breastfeed