Slow feature analysis has proven to be an effective process monitoring and fault diagnosis approach. By isolating temporal behaviors from steady-state variations in process data, slow feature analysis enables a concurrent monitoring of operating condition and process dynamics, based on which false alarms triggered by nominal operating condition deviations can be effectively removed. However, the present formulation of slow feature analysis only makes use of the first-order time difference of time series data, thereby falling short of addressing high-order dynamics in process operations. In this work, we propose a second-order formulation of slow feature analysis, and further develop a systematic framework for process monitoring and fault diagnosis, which can provide more meaningful information about process dynamics to assist decision-making of operators. Case studies on the Tennessee Eastman benchmark process are conducted to demonstrate the efficacy of the proposed method.