Sreenu,
If schema SAP_PI_GRC exists (as indicated by the duplicate message) then you are good to continue as noted in SAP Note 2162881.
Your userid will be unable to see the schema without the schema privileges provided by the new sap.grc.pi.ac.roles::SAP_GRC_ADMIN role or via a userid with grantable privileges to the schema (e.g., SYSTEM.)
Thanks,
Robert