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Reviewing further in the tomcat log is revealed an error regarding "duplicate column" for "last_updated_time" for schema change 2017.
Caused by: com.aprisma.util.mysql.ScriptRunnerException: Error occurred with SQL Script
mysql: [Warning] Using a password on the command line interface can be insecure.
ERROR 1060 (42S21) at line 29 in file: 'D:\Spectrum\Install-Tools\rpmgr\sql\srm_schema_changes_for_doi.sql': Duplicate column name 'last_updated_time'
Component : Spectrum Core / SpectroSERVER
Engineering has released a patch for this issue. PTF_10.3.204 for 10.3.2.
The patches are attached to this KB.