ssh into the ILO and ype in the following:

 start /SP/faultmgmt/shell
 Are you sure you want to start /SP/faultmgmt/shell (y/n)? y
   
 faultmgmtsp> fmadm faulty -a
 ------------------- ------------------------------------ -------------- --------
 Time                UUID                                 msgid          Severity
 ------------------- ------------------------------------ -------------- --------
 2016-06-22/23:29:08 7de79912-89f6-4993-a0f1-ef97b8a8c78e SPX86A-8002-XM Minor
 
 Problem Status    : open
 Diag Engine       : fdd 1.0
 System
    Manufacturer   : Oracle Corporation
    Name           : ODA X5-2
    Part_Number    : 34052938+1+1
    Serial_Number  : 1602NMF00M
 
 System Component
    Manufacturer   : Oracle Corporation
    Name           : ORACLE SERVER X5-2
    Part_Number    : 7092459
    Serial_Number  : 1602NM10XA
 
 ----------------------------------------
 Suspect 1 of 1
    Fault class  : fault.memory.intel.dimm_ce
    Certainty    : 100%
    Affects      : /SYS/MB/P1/D0
    Status       : faulted
 
    FRU
       Status            : faulty
       Location          : /SYS/MB/P1/D0
       Manufacturer      : Hynix Semiconductor Inc.
       Name              : 32768MB DDR4 SDRAM DIMM
       Part_Number       : 07075400,HMA84GL7MMR4N-TF
       Revision          : 01
       Serial_Number     : 00AD01152480C32D89
       Chassis
          Manufacturer   : Oracle Corporation
          Name           : ORACLE SERVER X5-2
          Part_Number    : 7092459
          Serial_Number  : 1602NM10XA
 
 Description : Multiple correctable ECC errors on a memory DIMM have been
               detected.
 
 Response    : The affected page(s) of memory associated with the faulty
               memory module maybe immediately retired by the operating
               system to avoid subsequent errors.
 
 Impact      : The system will continue to operate in the presence of this
               fault. The memory DIMM is still in use and is not disabled.
               The memory DIMM is disabled on next system reboot and remains
               unavailable until repaired. System performance may be
               impacted slightly due to retired memory pages.
 
 Action      : Please refer to the associated reference document at
               http://support.oracle.com/msg/SPX86A-8002-XM for the latest
               service procedures and policies regarding this diagnosis.

Using the location shown in the output above, you can clear the problem log entry as follows:

 faultmgmtsp> fmadm repair /SYS/MB/P1/D0
 faultmgmtsp> fmadm faulty -a
 No faults found
 faultmgmtsp>
 faultmgmtsp> exit

Now, the SP must be reset

1. > reset /SP

That's it, done