Have you done a search on the forum and/or compass related to the emergency termination process? In most cases this would be a custom workflow with the customer’s requirements included in it. There are many topics here related.
I would start by looking at @sharvari Community Blog post if you have not started researching this yourself yet, which can be found here: Emergency Terminations of Identities Using IdentityNow
As for Termination Data coming from Workday, it can only come as fast as the scheduled aggregations happen since ISC is pull-based, unless you configure External triggers to kick of workflows from an event in Workday when the change occurs.