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After creating the patch policy using its agent, I let NetChk Protect to download the threats and patch definitions. It was done by NetChk Protect without problem:
On a test system that I believe does not have missing security patches, NetChk Protect has detected a missing security update:

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Installing the patch using NetChk Protect is easy to do and if you have other computers in the network, you can scan those machines and install the needed security updates. NetChk Protect is able to detect the installed programs (including third-party) on the machine:
The only issue I found with NetChk Protect is when I tried to look for anti-malware UI to start scanning the system but to my disappointment, there is no such console by default (you have to manually install the agent). With all agents in place, I configured the threats action and what type of malware NetChk Protect should detect. The system and two clean VMs are clean: NetChk Protect found no false positive which is good news.