weht through this on an older tractor a while back with external regulator
check ground (voltage drop test is best). Ok? Continue
On your voltage regulator there are usually 5 wires. One is ground. One goes to the battery or starter Feeds the battery). One goes to ignition switch to "turn on" the regulator and to provide it with a voltage, for it's sensing circuit. 2 go to the alternator, and are usually the same color (always ac voltage).
On the one I messed with, found ground was fine. 0.08v drop as I remember. Two ac wires were great. My thought? Regulator's bad, replaced. NOPE, still goes to 17v+. With the engine running and me scratching my head, decided to check voltage at the battery wire at the regulator by backprobing, it was fine at exactly batt voltage (also did a drop test). BUT the problem lied with the ignition wire, it was not getting +12v from the ignition switch. Well it was getting voltage but not enough. Found that the wiring was faulty. I ran a separate wire from the switch to the regulator to test, voila, 14.2v rock steady. I ended up removing the wiring harness from the machine and then repairing the old wiring--only choice as a new harness was NLA.
understand how your system works and you'll find it quickly
old kubota rep used to call it the "ah-ha" moment. LOL. He was a funny jerk at times.