diff --git a/projects/amdsmi/CMakeLists.txt b/projects/amdsmi/CMakeLists.txt
index 62241381e6..7138d6df32 100644
--- a/projects/amdsmi/CMakeLists.txt
+++ b/projects/amdsmi/CMakeLists.txt
@@ -116,10 +116,48 @@ set(AMDSMI_INC_DIR "${PROJECT_SOURCE_DIR}/include/amd_smi")
 set(ROCM_INC_DIR "${PROJECT_SOURCE_DIR}/rocm_smi/include/rocm_smi")
 set(SHR_MUTEX_DIR "${PROJECT_SOURCE_DIR}/third_party/shared_mutex")
 if(ENABLE_ESMI_LIB)
+    # Supported esmi library version tag
+    set(current_esmi_tag "esmi_pkg_ver-4.1.2")
+
     if(NOT EXISTS ${PROJECT_SOURCE_DIR}/esmi_ib_library/src)
         # TODO: use ExternalProject_Add instead or a submodule
-        # as of 2023.10.16 CI builds are broken with an updated submodule
-        execute_process(COMMAND git clone --depth=1 -b esmi_pkg_ver-4.1.2 https://github.com/amd/esmi_ib_library.git ${PROJECT_SOURCE_DIR}/esmi_ib_library)
+        message(STATUS "Adding esmi_ib_library...")
+        execute_process(COMMAND git clone --depth=1 -b ${current_esmi_tag} https://github.com/amd/esmi_ib_library.git ${PROJECT_SOURCE_DIR}/esmi_ib_library)
+    else()
+        message(STATUS "esmi_ib_library already installed, checking version...")
+
+        # Grab latest commit and get the tag
+        execute_process(
+            COMMAND git rev-list --tags --max-count=1
+            WORKING_DIRECTORY ${PROJECT_SOURCE_DIR}/esmi_ib_library
+            OUTPUT_VARIABLE latest_commit
+            OUTPUT_STRIP_TRAILING_WHITESPACE
+        )
+        execute_process(
+            COMMAND git describe --tags ${latest_commit} --match "*pkg*"
+            WORKING_DIRECTORY ${PROJECT_SOURCE_DIR}/esmi_ib_library
+            OUTPUT_VARIABLE latest_esmi_tag
+            OUTPUT_STRIP_TRAILING_WHITESPACE
+        )
+
+        # Update to latest tags if not matched
+        if(NOT latest_esmi_tag STREQUAL current_esmi_tag)
+            message(STATUS "Updating esmi_ib_library...")
+            execute_process(
+                COMMAND git clone --depth=1 -b ${current_esmi_tag} https://github.com/amd/esmi_ib_library.git ${PROJECT_SOURCE_DIR}/esmi_ib_library_temp
+                RESULT_VARIABLE clone_result
+            )
+            if(clone_result EQUAL 0)
+                file(REMOVE_RECURSE ${PROJECT_SOURCE_DIR}/esmi_ib_library)
+                file(RENAME ${PROJECT_SOURCE_DIR}/esmi_ib_library_temp ${PROJECT_SOURCE_DIR}/esmi_ib_library)
+                message(STATUS "Successfully cloned updated esmi_ib_library")
+            else()
+                file(REMOVE_RECURSE ${PROJECT_SOURCE_DIR}/esmi_ib_library_temp)
+                message(FATAL_ERROR "Failed to clone updated esmi_ib_library")
+            endif()
+        else()
+            message(STATUS "esmi_ib_library is the latest version: ${current_esmi_tag}...")
+        endif()
     endif()
 
     # Make sure to update the amd_hsmp.h file with the corresponding esmi version