If you steep at 150 to 165, the munich will convert it's starches on its own. Technically it's a mini-mash, but the procedure is the same as a normal steeping grain procedure since munich can self-convert.
At the grist ratio most brewers use for "steeping" (often 1-2 lbs in the entire boil volume of say 3 gallons, which gives 6-12 qts/lb ratio), the enzymes will be diluted and have a hard time converting in any reasonable amount of time.
If you have another smaller pot, try steeping your pound of specialty grains in 1-2 qts 150-160F for 15-20 minutes (congratulations, you're mini-mashing!), then move the bag to the rest of your water (also at 150-160F) and leave it in for a few minutes, swirl it around/dunk it in a few times to rinse off any remaining sugars. After you remove the grains, add the original 1-2 qts and start your boil as usual.
In general, any roasted malts (Chocolate, black, carafa, etc.) and crystal malts (including caramunich, etc.) can be steeped in any volume of water, at any temperature below 170F. Things like Munich, Victory, Wheat, Oats, must be mashed (a fancy way of saying "steep at 150-160F in a small amount of water, 1-2 qts per lb of grain) to convert the starches.