Problem
When you install the Exchange Server Security Update KB 3087126 on a server running the Exchange Server 2013 management tools only, you might receive an error message when starting the Exchange Management Shell.
The error might look like this:

The error message indicates that WinRM is having issues. This is not the case.
The problem occurs due to registry changes performed by the patch setup and due to the way how ConnectFunctions.ps1 (used by RemoteExchange.ps1) determines the Exchange Server to connect to.
The script tries to connect to the local FQDN if any Exchange role is installed on the local server. This is determined by querying the registry using the following command:
if (@(get-item HKLM:\SOFTWARE\Microsoft\ExchangeServer\v15\*role -erroraction:silentlycontinue).length -gt 0)
The queried registry did not exist before the installation of KB 3087126.

Solution
When having installed the Exchange Server 2013 management tools only, which might be the case on a monitoring or scheduled task server, do the following:
- Delete the registry key ClientAccessRole
- Open a new Exchange Power Shell session
Enjoy the Exchange Management Shell.
Links
- Security Update For Exchange Server 2013 CU9 (KB3087126)
- MS15-103: Description of the security update for Exchange Server: September 8, 2015
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