Have you tried to set the TNS_ADMIN variable to one path instead of multiple e.g.
TNS_ADMIN to D:\Oracle\Middleware\user_projects\config\dbclient
Then make sure the tnsnames.ora in the above path has the correct connection information to the HFM database.
I've set the TNS_ADMIN with the path D:\Oracle\Middleware\dbclient32\network\admin. At this path I have the TNSNAMES.ORA file with HFM entry like this :
(ADDRESS = (PROTOCOL = TCP)(HOST = MYDBSERVER)(PORT = 1521))
(SID = EPM)
(SERVER = DEDICATED)
And the issue still happens.
However, I'm suspecting about DB settings because I've set the following (but with user system) :
ALTER SYSTEM SET processes=1000 SCOPE=SPFILE; (to all products)
ALTER SYSTEM SET OPEN_CURSORS=5000 SCOPE=SPFILE; ( to Financial Management)
But even having success on the commands above, the file init.ora at DB server is not been updated and the parameters are still with the same value :