when your voltage regulator goes out what does it affect?

When your car is off a healthy battery will have a little bit above 12 volts, when you turn your engine on, the alternator will take that voltage around 14v to 14.5v if the regulator is working fine, if not it will go higher and may damage electronic modules,such as the engine computer, abs module, etc. And it will trigger overvoltage codes in many modules and maybe random codes as well.