Hello @Chanuka Francis ,
Yes you can set the passwords according to the organisation's password policy.
Note that once these passwords expire, you must update the new passwords in Service Manager orcwith the Service Manager PowerShell cmdlets. In addition, if you decide that the user names must change, you also must change them in Service Manager.
For more information, see:
Manage Run As accounts in Service Manager
https://video2.skills-academy.com/en-us/system-center/scsm/run-as-accounts?view=sc-sm-2019
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Best regards,
Leon