Many banking companies say they are implementing new operational and risk management procedures in the wake of the financial crisis, according to a report released Wednesday by the Institute of International Finance.

The chief financial and risk officers at 38 banking companies said they have improved internal stress testing, tightened compensation policies and introduced new risk management measures, the report said.

The institute recommends in the 213-page report that banks continue reviewing their operations and take additional actions to lift the industry's "own standards" with the goal of making the global financial industry stronger.

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