Corporate Governance, Risk Management and Compliance (GRC): The Crossroads Between Law Studies with International Relations and Diplomacy Studies Meeting Social Welfare

Abstract

This paper aims to demonstrate how a tool adopted by businesses – the GRC Corporate Governance, Risk Management, and Compliance – links two academic disciplines, namely Law Studies and International Relations Studies. The GRC is a promising instrument for ensuring companies are socially responsible, contributing to social welfare. The lack of studies demonstrating the link between the two academic disciplines by a concrete resource, such as the GRC, justifies the scientific relevance of this paper. The study is also pivotal from the social perspective, as it may contribute to future studies on the role of corporations in the promotion and management of social welfare. The main argument is that the GRC is located at the crossroads of Corporate Law Studies and Diplomacy Studies. The paper explores the conceptual frameworks of corporate law studies, international relations, and diplomacy studies. As well, it operationalizes the notion of GRC Corporate Governance, Risk Management, and Compliance by detailing its components. Then, there is an analysis of the GRC at the crossroads between the two disciplines. The main find of this research is that corporate diplomacy is the bridge that links corporate law studies and diplomacy studies. Future research may focus on frameworks to favor such kind of analysis. Comparative research is also welcomed.