Question seems to already have been answered. But I'd like to chip in:
Keep it simple. There are 3 cases.
Case 1) failure above 1000'. 3 options. 1) fix it 2) can't fix it, so brief to new minima due downgrade or 3) go around/discontinue approach
Case 2) failure below 1000'. Go around for 5 things. Continue for everything else. Things to go around for: i) master caution ii) engine failure iii) alpha floor activation iv) loss of auto pilot (cavalry charge) and v) system downgrade leading to triple click.
Case 3) failure after alert height. Only go around if autolandnlight illuninates*
*always exceptions.
This procedure is clearly operator specific but I believe it's very close to Airbus philosophy.