3362361 - Could not create model object for Pl component selected after update

You have recently performed an SP update and now you are getting the error shown below when accessing the message monitor:

In the default trace you can see the below error: 

"Exception in initializeDropDownMenus() method java.lang.SecurityException: User XXX is not authorized.
[EXCEPTION]
com.sap.tc.lm.itsam.ui.proxy.exception.JMXJMRuntimeOperationException: java.lang.SecurityException: User XXX is not authorized.
    at com.sap.tc.lm.itsam.ui.proxy.JMXGenericModelClassMBean.invokeOperation(JMXGenericModelClassMBean.java:643)
    at com.sap.tc.lm.itsam.ui.proxy.JMXAbstractModelClass.invokeOperation(JMXAbstractModelClass.java:159)
    at com.sap.tc.lm.itsam.co.ui.xi.msg.wd.model.SAP_ITSAMXIAdapterMessageDataProvider.fetchLMSInterfaces(SAP_ITSAMXIAdapterMessageDataProvider.java:434)
    at com.sap.tc.lm.itsam.co.ui.xi.msg.ximessagedetailed.XIMessageDetailed.initializeDropDownMenus(XIMessageDetailed.java:3775)
    at com.sap.tc.lm.itsam.co.ui.xi.msg.ximessagedetailed.XIMessageDetailed.changeComponent(XIMessageDetailed.java:5427)
    at com.sap.tc.lm.itsam.co.ui.xi.msg.ximessagedetailed.wdp.InternalXIMessageDetailed.changeComponent(InternalXIMessageDetailed.java:1611)

SAP NetWeaver 7.5

SAP NetWeaver Administrator, NWA, PIMON, Message Monitor, SecurityException, could not create model for PI component object; contact support for further assistance, User XXX is not authorized , KBA , BC-NWA-XPI , Process Integration (PI) Monitoring , Problem