Attempting to use Chat playground with Azure AI Search data source fails with: “Error Principal does not have access to API/Operation.”

I recently had a colleague reach out to me about an error he was seeing when attempting to use the Azure AI Studio Chat Playground with Azure AI Search data configured. The error message as:

Error
Principal does not have access to API/Operation.

I haven’t been in the chat playground for awhile but when I tested my previous deployments, the same error was presented. After a bit of troubleshooting, I found that granting my account to the Azure OpenAI with the Cognitive Services OpenAI Contributor role (Description: Full access including the ability to fine-tune, deploy and generate text) resolved the issue.