The barrier to changing the lack of involvement in the change is the operational risk. This is defined in the agreement on Basel II as the risk of loss resulting from inadequate or failed internal processes, people and systems to internal or external events. This definition includes legal risk of Telstra, and exclusive, for framing the risks classified as strategic and reputational risks. The organizational culture of Telstra is failing. There have been reports of bad and inadequate customer support. Also, the IT department functions as a separate unit and does not abide by the organizational culture of Telstra. This has minimized the effectively of the company and is harming its reputation. All types of risks faced by Telstra have been taken into account by the entities participating in the markets and the need for tools to determine quantitatively has been highlighted (in monetary units). The risk assumed by integrating a new asset to the portfolio is there too. VaR (Value at Risk) provides a quantitative and objective measure of risks of a portfolio for the normal (regular) market. This causes low morale in employees as they do not feel motivated or stable in their jobs. Hence this is a barrier to changing low morale (Greif, Round, Seeberg, 2005).Change management project plan
There are some steps involved in the change management project plan of Telstra. They are:
The starting point of the first phase is the realization that expectations do not correspond to reality. The need for change comes slowly as possible to the old consciousness and behavior. Adding up now and some flexibility, it may cause the readiness for change. The general objective of this phase is to strengthen the forces for change and striving to support and thus to induce a change in consciousness.