Attached is a link to the ITS-30R transfer switch manual. Under troubleshooting look at section “Failed Time Delay Module” which describes a LED light on the control board that indicates the status of the board. They say the control board can fail due to voltage spikes. Of course it could also be a bad terminal connection; or bad transfer relay as well. I assume it has been working normally until now (in other words no one has been in there making changes or it was not recently installed?).
I would try searching the ITS-30R for OEM parts on Amazon or eBay and failing that try the manufacturer.
http://www.nooutage.com/pdf/Iota-30rmanual.pdf
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