We have faced similar issue, following will fix the the issue.
Reinstall HP Insight Management Agents
http://h20564.www2.hp.com/hpsc/swd/public/detail?swItemId=MTX_f33486c6dab6413380ab3afa69
Ensure that the SNMP service is installed then open it’s properties. On the Traps tab enter a community name of your choosing, the typical names are “public” and “private”, public being read-only and private being read-write. Make sure that the loopback address is added to the trap destinations area. On the Security tab enter the community name you just created in the accepted community names box and set its permissions to READ WRITE. Ensure that traps sent from the localhost are allowed to be received. Restart the SNMP service which will also restart all of the HP management agents.
