Hello,
Was this SEPM migrated from the SEP 11.x to SEP 12.1?
What Database are you running? Is that Embedded Database or SQL Database?
Try Logging into the SEPM using a user account that has full rights to access both the SEPM and the external SQL database.
OR
Run the management server configauration wizard and in the SEPM configuration to SQL, change to SA authentification from Windows authentication.
Hope that helps!!