I have never personally dealt with the ML models myself, I typically deal with the DL brand. However, I am assuming the iLO in the ML model has the AlertMail feature? If not, stop reading here :)
Since you have only one server, the AlertMail might be a good option. It will send you, and others, an email whenever a hardware issue is detected by iLO. You cannot do any filtering - its pretty much all or nothing. For lots of servers and control over what get alerted on, you would use HPE SIM or OneView. Personally, I use HPE SIM (hence this forum) and then use the Agentless Monitoring. But since you only have one server, I am guessing you dont have or want/need SIM...and so the agentless monitor is not going to help. So, try the AlertMail function of the iLO - that should get you some basic alerting on the hardware problems.
NK