S322 means the system has run out on the CPU time and the job is being cancelled. My first guess is check your program if it went into any infinite loop if not try to change the class and Time keyord parameters in the JCL. If you still get the Abend I would say you have a problem in your COBOL program... check the loops..
Just want to add few more comments.You can figure out the infinite loop by looking into the Exception count.This is the usual method followed to figure out the program is in infinte loop or not.