You can locate this setting by following these steps:
  1. Select Fundraising > TeamRaiser
  2. Click Edit for the event in question
  3. Click Select Event Options
  4. Under the Related Actions column at the bottom, click Edit Advanced Options 
  5. Click Define Event Options
  6. Remove the mark in the checkbox for Participant Personal Page Modification Approval to turn off this requirement
  7. Click Save to save your changes

Please note that there is also a universal site setting as well, so if that option is not enabled but you are still required to approve every change please contact support and reference this article number.