help appreciated with a validation exercise

Hello all, I would really appreciate your help with some statistical analysis (yukh! haha!)

A psychometric test has been mapped onto a companies competencies. I need to validate this to make sure it safe, accurate, valid etc to use in the future.

My first instinct is to go with a correlation to see if the relationships between the psychometric test and competencies are significant and then to use a linear regression to see if we can use the psychometrics to predict performance on the competencies.

Do you guys think this is correct? Is there something else that I should be using instead?

Thanks :)