Outlook Hyperlink problem - "This operation has been cancelled due to restrictions"

While opening a hyperlink present in an email in OUTLOOK, We might face the following error 

"This operation has been cancelled due to restrictions. Please contact your system administrator."
This happens because MS - OUTLOOK needs IE to be the default application to open the Hyperlinks.
The following can be done to solve this issue.

EDIT Registry
1. Start, click Run, type Regedit in the Open box, and then click OK.2. Browse to HKEY_CURRENT_USER\Software\Classes\.html3. Right click the value for the .html key and select Modify…4. Change the value from “ChromeHTML” to “htmlfile” (or from FireFoxHTML to htmlfile)5. Repeat for .htm, shtml, .xht, .xhtml, .xhtm keys6. Repeat these steps for htm and .shtml keys if they exist. You may also want to check the xhtml and xhtm keys. 


Reset Web Settings
1. Close Outlook2. Open Internet Explorer.3. On the Tools menu, click Internet Options.4. Click the Advanced tab, and then click the Reset button.5. On the Programs tab, under Internet programs, click Set Programs, then “Set your Default Programs”, select your OUTLOOK program and click “Set this program as Default”. Repeat for Internet Explorer.6. Click OK and close the dialogs.