Related to the previous comment, running "gpresult.exe" showed it could not find the "framedyn.dll" file even though it was present. Bringing up a command prompt showed that the path had unexpanded environment variables in it. I went into HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Control\Session Manager\Environment and changed Path from REG_SZ to REG_EXPAND_SZ (Renamed the old value, created a new one of the "expandable" type, and copy/pasted the string in). It needed a reboot after that to spread this corrected value.
In my case, the event was related to the “gpresult.exe” file. The “framedyn.dll” file in c:\windows\system32\wbem, which is invoked by gpresult.exe, was corrupt and prevented the updating of policies. I replaced the file with a copy from another computer, and the event disappeared.