According to an embodiment, a multiphase regulator includes a plurality of output phases each of which is operable to deliver a phase current through a separate inductor to a load connected to the output phases via the inductors and an output capacitor. A controller is operable to regulate a voltage delivered to the load by adjusting the phase currents delivered to the load by the output phases, monitor the phase currents delivered to the load by the output phases, determine if the monitored phase currents indicate any of the individual output phases, any of the individual inductors or the output capacitor are faulty even if the total current delivered to the load is within specified limits, synchronously switch the output phases which cause ripples in the phase currents, and detect if any of the phase currents fail to have a ripple current pattern that matches an expected ripple current pattern.