Collaborative problem-solving (CPS) is a vital 21st-century skill. Ill-structured problems demand effective shared regulation from teams to enhance CPS success. While socially shared metacognitive regulation (SSMR) is crucial in CPS, a deeper understanding of its nature is needed. This study investigates the detailed operationalization of SSMR in four teams (N=16), categorized as more successful outcome teams (MSOT) and less successful outcome teams (LSOT). The research spanned over 12 weeks, focusing on ill-structured tasks in a project-based Human-Computer Interaction course. We analyzed 35 hours of video data, capturing teams' verbalized interactions to identify SSMR episodes and coded them for cyclical phases, foci, and functions. Preliminary findings revealed differences between MSOT and LSOT in the number of SSMR episodes, cyclical phases, foci, and functions. Findings shows that achieving better outcomes in CPS requires combining both a cyclical phase in SSMR and a fundamental focus, along with appropriate strategy adaptations, to address internal task challenges effectively. A nuanced analysis of one comparison case (Team 1 vs. Team 4) highlighted the complementary nature of SSMR's function, focus, and cyclical phases and suggested its collective use. Further, a qualitative analysis provides more details about the cyclical phases, foci, and function of SSMR, enhancing the understanding of its nature in MSOT and LSOT. This study contributes to the contextual understanding of SSMR in CPS and underscores its importance for successful collaborative problem-solving. [For the full proceedings, see ED665357.]