I was getting this error when after installing Endpoint Encryption 11.2 on a brand new server. I got the error on the Software Setup and the Management password.
The problem is with Microsoft Management Console and requires a registry fix.
Make sure you export your registry before trying the following:
MMC Cannot create the snap-in because of current user policies.
1. Start Registry Editor (regedit.exe).
2. Move to HKEY_CURRENT_USERSoftwarePoliciesMicrosoftMMC
3. Open the CLSID number giving the error
4 . Double click RestrictToPermittedSnapins or something close to this
5. Set to 0 and click OK
6. Close the registry editor