Hi Will,
LSR is an abreviation from Local Self Recovery.
PGP WDE Local self recovery questions provide a way for users to access encrypted drives from the PGP BootGuard screen if they have forgotten their passphrases. Users can log in by answering security questions they have previously configured. When configured, users will not have to contact an administrator for assistance.
Here you have got more information please:
FAQ's for PGP WDE Local Self Recovery Questions for PGP Whole Disk Encryption in a Managed Environment
http://www.symantec.com/docs/HOWTO75034
Create Security Questions in PGP Desktop
http://www.symantec.com/docs/TECH149051
Here is an example of how it works:
https://www.youtube.com/watch?v=Uq2Q5nIF6gc
This can be setup up by a policy in SEMS > Consumers > Consumer Policy > Default > Desktop button > Drive Encryption tab and the option ticked called: "Allow configuration of Drive Encryption Local Self Recovery)........"
HTH