I do have a default word content available for the user, and the user will be able to change the content if required. 

The track change feature would allow reviewers to quickly zoom into the edited wording (i.e. highlighted in red) for them to review quickly.

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ADMIN EDIT

If such a feature were to be implemented as part of the component feature set, it is likely to show diff via CSS and HTML elements and would not likely compare against a Word (or any other) document.

For the time being, you can consider a custom button that will do an HTML diff against the original content that was provided to it to show it in the editor, but reconciling any changes will be a more complex task that is very far from trivial to implement.