Enter diag mode ::> set diag ::> diag secd authentication show-creds -node <node_where_data_lif_resides> -vserver <svm> -win-name <domain\your_account>
This command would tell you if your account is a member of the BUILTIN\Administrators group or if you are a member of the domain admins group. It will also provide the Privileges you have got. If you are an admin then normally you would see your account will have the following privileges: Privileges (0x22b7): SeBackupPrivilege SeRestorePrivilege SeTakeOwnershipPrivilege SeSecurityPrivilege SeChangeNotifyPrivilege
If the privileges are not showing up inspite of you being an administrator then run the command below which could fix the issue ::*> diag secd configuration reload -node <node1> ::*> diag secd configuration reload -node <node2>
Note: This command is harmless and wont cause any impact.
Thank you Vijay. I could now see the symptom and solution sections in the KB1070767 (Document IDBR14546/Answer ID1070767). I'm sure this KB would help other cutomers who'd wind up looking for answers as well.