Update README.md with release steps

README.md

@@ -1,2 +1,47 @@
 # codeflare-operator
 Operator for installation and lifecycle management of CodeFlare distributed workload stack, starting with MCAD and InstaScale
+
+
+## Release process
+
+Prerequisite:
+- Build and release [MCAD](https://github.com/project-codeflare/multi-cluster-app-dispatcher)
+
+Release steps:
+1. Invoke [tag-and-build.yml](https://github.com/project-codeflare/codeflare-operator/actions/workflows/tag-and-build.yml) GitHub action, this action will create a repository tag, build and push operator image.
+
+2. Check result of [tag-and-build.yml](https://github.com/project-codeflare/codeflare-operator/actions/workflows/tag-and-build.yml) GitHub action, it should pass.
+
+3. Prepare bundle files:
+```
+make bundle
+```
+
+4. Copy CRDs from the MCAD:
+```
+make sync-crd
+```
+
+> **Note**
+> The `make sync-crd` will be removed in future and Kustomize will take care of retrieving MCAD CRDs, see https://github.com/project-codeflare/codeflare-operator/pull/116
+
+
+5. Build and push bundle image:
+```
+make bundle-build
+make bundle-push
+```
+
+6. Update support matrix in operator README. **TBD**
+
+7. Update release notes of operator version to include new support matrix. **TBD**
+
+8. Open a pull request to OpenShift community operators repository with latest bundle.
+> **Note**
+> Should be automated by https://github.com/project-codeflare/codeflare-operator/issues/97
+
+9. Once merged, update component stable tags to point at the latest image release.
+
+10. Announce the new release in slack and mail lists, if any.
+
+11. Update the Distributed Workloads component in ODH.