About "Error #1314 - A required privilege is not held by the client"
This is to let the people know what worked for me while trying to resolve Error #1314.
I tried to do a remote backup using the management agent console, and after setting up all the BU parameter and said "Go!" I got this error message. I was admin on both initiating computer and on the remote. Looking up for a solution, I noticed that people have been complaining on this since 2005 in wilderssecurity forum without any resolution.
Note that although Acronis KB explains how to resolve this when you have a Scheduled task, I had no such thing.
My solution (may nor work for your setup though, since other factors may initiate this error message):
1. On the remote computer, open Services under Administrative Tools.
2. Find Windows Firewall/ICS in the list, STOP it and DISABLE it.
Important: Disable this service - leaving it on Auto or Manual is not enough!
3. Now try again to run the remote backup job.
It worked for me (note: remote was Server 2003).