Hi Aswin,
I would not consider changing passwords at all. I have seen this in different organizations and it is very time-consuming and also unproductive. Of course you can do it, you just need to follow the same procedure every couple of months (depending on how frequent password chnages have to be) and if you operate a big SCOM environments (multiple Management Servers, complexer toplogy) then this will be super impractical.
What I always recommend and also implement instead is running SCOM with gMSA, which do not require password management at all, because this is done by the domain controllers in the domain.
Here a couple of important remarks on the topic. First let's start with what gMSA actuallly is ( a bit of theory):
Secure group managed service accounts
and
Group Managed Service Accounts Overview
Aftewrads let's note that SCOM supports gMSA for all versions after SCOM 2019 UR1.
SCOM: Support for group managed service accounts
The actual guide with details can be found at the end of this same MS Learn article:
You can follow it and re-configure your management group.
I have already done this and it costed me a day to complete this procedure for a larger MG. After doing this once I don't need to think of password management at all.
On the Internet you can find also a couple of other nice blog possts with screesnhots, which will help you migrate to gMSA. Example:
Implementing gMSA in SCOM 2019 UR1 - The Monitoring Guys
and
I hope I could be of your assistance with this one.
(If the reply was helpful please don't forget to upvote or accept as answer, thank you)
Regards,
Stoyan