FIPS 140-2 Compliance
The Federal Information Processing Standard (FIPS) publication 140-2 sets out security requirements for cryptographic modules, including a laboratory validation program to approve them.
SQL Monitor does not itself implement any cryptographic functions, instead relying on Microsoft-provided libraries which are part of the .NET Framework. Since SQL Monitor 9.1.3, only cryptographic libraries which have been validated by Microsoft for use in FIPS environments are used by SQL Monitor.
SQL Monitor is therefore suitable for use in FIPS environments, including Windows environments where the System cryptography: Use FIPS compliant algorithms for encryption, hashing, and signing setting has been enabled.
Steps for earlier versions of SQL Monitor
This issue can be resolved by turning FIPS compliance off. This can be done in the Local Security Policy (however if you are in a Domain this might be overridden by Group Policies, so you might need to speak to your Windows System Administrator).
Microsoft no longer recommend FIPS mode as detailed here.
If turning FIPS off is not an option you should be able to workaround this by editing the xml file:
C:\Program Files (x86)\Common Files\Red Gate\Shared Client\RedGate.Client.Service.exe.config
and adding the following under