when you do update or upgrade (major version) your Veeam server,

In the case you have installed the console to your PC (or jump server), which is different location from Veeam VBR (standalone console), Veeam does update the console automatically if you have updated the VBR(11.0 to 11.1), but if you have done a major upgrade (11 to 12), you will need to update the console manually from downloaded ISO.
If you received the below error, and you have just done a Veeam update, and you are sure you have the requested permission on local machine:

Most probably, you will be able to sort out the issue by, accessing the console as administrator (right clock on console shortcut and run as administrator).