The empirical literature is bounded to explaining the use of emerging regulatory innovation in designing meta-regulation under risk-based regulatory strategy as a new “regulatory mix”. Therefore, this paper aims to demonstrate how enterprise risk management (ERM), an emergent regulatory innovation, uses to design meta-regulation under the risk-based strategy. Based on qualitative content analysis of a central bank’s annual report in an emerging economy over eleven years, including the issued guidelines and circulars, this paper reveals the dimension of ERM as a meta-regulatory toolkit in the regulatory regime. The evidence reflects that the regulator’s sectoral risk management reform based on ERM philosophy enforces regulated banks to develop self-regulation across the industry that subsequently enrol into the regulatory process as a meta-regulatory approach. The regulator achieves the risk-based regulatory aims relying intensely on ERM based self-regulation of the regulated banks and supervise with enhanced institutional capacity and advanced tools and techniques.