Requirements differ between regional and specialized accreditors?

Recently, I got into a conversation about the potentially conflicting requirements of specialized business accreditors and regional accreditors.

While AACSB describes the need to develop and measure SLOs for each "degree" within their definition of a program, I have been under the impression that our regional accreditor, HLC, considers every U/G major to be a program. If business schools with external accreditation only assess their degrees, will that trouble the regional accreditor and be contrary to their requirements?

What is your take on this in your regional?

Elizabeth Evans