AIP: Rights Management template can't be found

If this is the first time that this computer has tried to apply a label with protection and you have waited at least 15 minutes and still get the same problem, it sounds like the computer or your user account can't get to the protection service (Azure Rights Management).  In other words, a bootstrapping problem and there are many variables that can cause this, including your firewall configuration.  Does this happen for all computers, and all users?  Knowing that can help to narrow down the problem.

Check the requirements for Azure Information Protection and if the problem persists, open a support ticket to get you up & running.