Hyperlinks are not working in Office product

Assume that you set Internet Explorer as your default browser in Windows. When you click a hyperlink in Microsoft Outlook, you receive one of the following error messages, depending on your Outlook version:

This operation has been cancelled due to restrictions in effect on this computer. Please contact your system administrator.

Your organization's policies are preventing us from completing this action for you. For more info, please contact your help desk.

To have us fix this problem for you, click the Fix it button or link. Then click Run in the File Download dialog box, and follow the steps in the Fix it wizard.

Note If you prefer to fix this problem yourself, go to the "Let me fix it myself" section.

For Windows 8.1 and Windows 8

Fix this problem
Microsoft Fix it 20056

For Windows 7, Windows Vista, Windows XP, Windows Server 2008 and Windows Server 2003

Fix this problem
Microsoft Fix it 50388

Resource:
http://support2.microsoft.com/default.aspx?scid=kb;en-us;310049