I would agree with Lars. Current client is using AAO on HANA and we have dynamic AP's to handle row level security. To do the column security, it's really just choosing how wide to expose the data. In the case of AAO, the easiest path would be solely based on the view definition, and then assigning the views to the appropriate roles/AP's.
I'm sure you could come up with some fancier logic in a calc view to mask the columns without having separate objects. IE the columns are still available, but blank.
Regards,
Justin