While on Google Chrome Version 45.0.2454.101 m, I received the following error:
An error occurred while checking for updates: Update check failed to start (error code 4: 0x80070005 -- system level).
Solution:
Run Regedit.exe
Create the following key: [HKEY_LOCAL_MACHINE\SOFTWARE\Policies\Google\Update]
Create a DWORD in it: "AutoUpdatecheckPeriodMinutes" and give it a value of 1440, i.e 24 hours.