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you have the option of defining a jeopardy on the order based on the expected process duration, which is an attribute of each process.
Go to Order editor, jeopardy tab, conditions and check the third checkbox and leave the first radio button below. Then you would set the desired duration on the process executing your component. You could also link an automator to the notification and do whatever you want.
Now the problem is the Design studio does not let you set the expected duration for a process through the process editor nistead it populates 86400 seconds every time, but if you open the file in the Package Explorer view, you should be able to modify this by editing the file (haven't tested it though), but I believe it should deploy and once it is in the DB model, it should work since this is old 6.3 functionality. Try it andd let me know!
I believe you could even create an SR for the fact the DS does not alloow to set the duration on a process on the grounds of missing functionality which was previously available, unless it was officially deprecated (I am not aware of that), or, unless there is a way to do this with the Studio of which I am not aware.
If this does not work for whatever reason the only way I can think of is declaring the jeopardy notification on the Order and linking a custom rule created for the purpose which would need to be a sql based rule where the PL / SQL would evaluate the duration of the process executing your function. Would be a bit of coding, but I believe you could make it work.