Try removing ALL the other modules in the chassis (you can do this with power on, and you only need to disconnect them from the backplane - about an inch will do it)....
With the processor only in the chassis, turn its keyswitch rapidly through all positions at least twice...
Does this remove the red Controller OK led status ?
If not, try this with the controller in another slot, or another chassis/backplane assembly if you have one around (NB. You SHOULD to be able to safely plug this module into any unused slot in any chassis, even if it is running a system... although if it is a hardware failure on the module, it could potentially interfere with backplane comms... Safest is to shut down or suspend activity on the working system to a safe state !!)
If, after having done as Ken suggested (remove from chassis, and remove battery, leave for a few minutes), and the processor powers up again with a solid red controller light, then I would concur it does indeed sound like a failed module.