A control circuit included within a multi-phase switched-mode converter is configured for adjusting operational signals for adding power stages of the multi-phase switched-mode converter to dynamically respond to transient changes in load current for minimizing undershoot while avoiding overshoot of an output voltage of the multi-phase switched-mode converter. The control circuit has panic comparators configured such that each panic comparator has an input terminal connected to receive the output voltage for comparison with one of a plurality of reference voltages. A panic controller receives panic indicator signals from the panic comparators and determines which of the power stages are to be activated to match the transient change to the load current to prevent for minimizing undershoot and for preventing overshoot of the output voltage of the multi-phase switched-mode converter. The multi-phase switched-mode converter may operate in a continuous or discontinuous conduction mode.