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Graham was a member of Ofcom's Consumer Panel from 2004 to 2008. He served as a member of the Monopolies and Mergers Commission and, between 2000 and 2012, was a member of the Competition Appeal Tribunal. Graham is currently the President of the European Policy Forum and Chairman of its Regulatory Best Practice Group. He is a member of the Board of the Office of Rail and Road. He was appointed CBE in the Queen's 2017 Birthday Honours list for services to economic regulation, competition and infrastructure development. Graham joined the Board on 1 June 2014. His appointment runs until 31 May 2022.