Answer
An applied update/patch (like UPD13 here) can introduce a requirement for a new database-level grant that isn't automatically applied as part of the update process itself — in a confirmed case matching this exact error, the fix was granting the missing privilege directly to the IFSSYS database user. If you hit ORA-01031 immediately after applying an update with no IFS-side permission changes of your own, check for a newly-required grant on IFSSYS (or another system account like IFSPRINT) specific to whatever new database objects that update introduced, rather than assuming the issue is in your own permission-set configuration.