The timelock has been added but is currently set to 1 minute. This allows for a faster response if any critical issues are discovered. The timelock is governed by Origin's 5 of 8 multi-sig.
The timelock contract enforces a 48 hour wait period before any changes to the OUSD contracts can be executed. The timelock can be called by our multi-sig and is the owner of our ERC-20, Vault, and Strategies contracts. Time-delaying admin actions gives users a chance to exit OUSD if its admins become malicious, are compromised, or make a change that the users do not like.
The timelock is a safety measure that gives OUSD holders 48 hours to withdraw their funds if they have objections to any proposed upgrades to the protocol.
OUSD will initially use a shorter wait period (48 hours) than Compound (72 hours) to allow for a faster response if any issues are discovered.
Some actions, such a reallocating funds between existing strategies and freezing deposits can be called immediately without requiring the 48 waiting period. This is in case a major vulnerability is discovered.