There's nothing in IMC that will alert you if HP has released new software. You can use System -> Resource Management -> Live Update to view & download the latest versions of software, but this is a manual process, it's not automated. This will show you the latest available, but it's not going to raise a red flag saying "Update available!!"
HP may have some service where you can sign up for email notification of updates - I know they do for HP Software releases, but I haven't investigated a similar service for HP Networking.
You can use the Software Baseline feature to set a baseline required OS version, and check that against your systems to see if they are running the right version.
Compliance Policies offer three choices for running checks:
* Latest saved running config
* Latest saved startup config
* Display command output.
This last option lets you define a command to run, and IMC will go out to the devices, run the command, and check the output against your compliance policies. This is useful for things like NTP - you can run "show ntp status", and check that the output shows "Clock is synchronised".
I've written a series of posts on using IMC Compliance - it might be helpful:
http://lkhill.com/series/imc-compliance/