(Reuters) - The Institute of International Finance called on the industry to better manage its risk and valuation practices, in a final report released Thursday in Washington.

Below are key points and recommendations from the report by the global financial services group that represents more than 375 financial services firms, including the world's largest commercial and investment banks.

RISK MANAGEMENT

-- firms should take a company-wide focus on risk and develop a "risk culture" in which senior management and directors have clear oversight roles

-- there should be a clear articulation of the firm's risk appetite

-- a senior officer should be deemed a Chief Risk Officer

-- risk management should not rely on a single risk methodology and should acknowledge risk metric limitations

-- ensure that risk models fully account structured products' indirect risks

-- stress testing should include exposure to leveraged counterparties and should be less automatic