Both good suggestions so I will give them a try also.
My concern is that if I do diagnose it to be a fault with the regulator that the regulator is not listed as a separate part for the Z4M. Only the complete alternator/regulator assembly. I'm trying to see if I can find any info from Bosch as to the regulator used inside the Z4M unit..
Update:
I gave the belt a visual this morning and its condition still looks very good. The battery indicator light didn't come on this morning but I checked the alternator output after startup and it was a very healthy 14.6V. Voltage drop between the alternator body and the jump start earth contact was only 50mV.