It does seem to be some kind of permissions problem. I get the same message with Poser 11 once in awhile, but I can just ignore it, and stuff loads fine.

There's no runtimes on the C drive. All my runtimes, including the default runtime, are on an external drive. Called Poser (P:)  It only has Poser content. Poser 11 (and 12) use the same runtimes.

The exact message is:

Poser Error
Failed to retrieve file times for [path to runtime] (error 5: access is denied)