One more here with the same problem.
In our case, it's a Windows XP machine, no VPN client installed. The problem appeared just after migrating from MR4 to MR4 MP2.
Besides the high CPU usage, the communication with SEPM seems to be normal.
A little comment:, maybe useful: using Process Explorer (Sysinternals tool) to list the details of the smc.exe process, I saw that the file MSVCR80.dll is who is consuming all this CPU