Parallel processing profile &1 does not exist

What causes this issue?

Parallel processing profile &V1& does not exist for the specified
system.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

Use the input help to select an existing parallel processing profile
or create a new profile for the specified system in Customizing for the
CIF comparison/reconciliation under
<DS:SIMG.R3CIF_DELTAPAR>Maintain Parallel Processing Profiles</>.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.