Five years after one of the most costly financial crises in U.S. history, the 18 largest banks still fall short in at least one of five areas critical to risk management and capital planning, the Federal Reserve said.

While many banking companies have improved capital planning techniques and raised capital levels, "there is still considerable room for advancement across a number of dimensions," central bank supervisors said in a 41-page paper released today in Washington outlining weaknesses and successes in recent stress tests. The Fed didn't cite any banks by name.

The Fed staff study shows that, after four such tests, some of the largest banks still lack comprehensive systems and policies to model, test, report, and plan for economic calamities. While highlighting strengths and weaknesses, the central bank said all of the bank holding companies "faced challenges across one or more" of five areas, and called for better analysis tailored to each bank's business and risk.