If you're talking about things like Smart Notifications (calls, emails, texts, etc) or when the alarm on the device goes off, no, as CIQ doesn't have access to that, but the FW handles those.
If you're talking something like your app displaying a lap screen, sees a value goes in or out of range, a certain event occurs that your app determines, etc, then yes. The "how" kind of depends on how you want it to work.