This is a low priority In status reporting (admin/reports/status) the url is incorrect and sends you over to admin/settings/owa. Guessing this wasn't ported over from D6. Url should go to admin/config/system/owa.

This resolved for me. 

/**
 * Implementation of hook_requirements().
 */
function owa_requirements($phase) {
  $requirements = array();

  if ($phase == 'runtime') {
    // Raise warning if Open Web Analytics user account has not been set yet.
    if (variable_get('owa_account', '') == '') {
      $requirements['owa'] = array(
        'title' => t('Open Web Analytics module'),
        'description' => t('Open Web Analytics module has not been configured yet. Please configure its settings from the <a href="@url">Open Web Analytics settings page</a>.', array('@url' => url('admin/config/system/owa'))),
        'severity' => REQUIREMENT_ERROR,
        'value' => t('Not configured'),
      );
    }
  }