RS server configuration error access to path c program file MS SQL server MSSQL.2/Reporting services report server RS report server .config is denied

Problem Description:
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RS server configuration error access to path c program file MS SQL server MSSQL.2/Reporting services report server RS report server .config is denied

Troubleshooting steps:
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Ran process Monitor tool
Found that aspnet_wp.exe has access denied on the path specified
C:\Program Files\Microsoft SQL Server\MSSQL.2\Reporting Services\ReportServer\RSReportServer.config [Access denied]
Gave the network service permissions on the reporting services folder
Restarted the IIS
This resolved the issue.