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Steps to resetting the Office 2011 for Mac IRM client:

  1. Delete the following folder:
    1. ~/Library/Application Support/Microsoft/Office/DRM
  2. Delete the following files:
    1. ~/Library/Preferences/ByHost/MicrosoftRegistrationDB*.plist 
    2. ~/Library/Preferences/
  3. There may be login keychains that need clearing. On the clients to which I had access the following steps were taken.
  4. Open the Keychain Access application,  and remove the following login keychains:
    1. corprights*