An outside probe conducted on Bloomberg LP’s data policies and procedures found that the company since May has appropriate controls in place to prevent reporters from accessing information of subscribers to the company’s financial terminals.

Earlier, Bloomberg’s journalists had access to private data of clients.

Hogan Lovells law firm and Promontory Financial Group compliance shop examined more than 500K news stories, conducted 425 interviews with staffers and conducted 230K tests of client data systems.

The investigations were conducted after banker complaints that Bloomberg reporters were obtaining sensitive information.

The probes found no instances of recent widespread abuse and determined that any past breach stemmed from “misunderstandings.”

Former IBM CEO Samuel Palmisano, who was hired by Bloomberg’s board to review its policies, said the reports are “thorough, objective and comprehensive.”

He said Bloomberg’s management recognized the need for a more comprehensive set of policies and procedures. They acted quickly to enhance their existing structures and put more resources behind this critical priority.”

Bloomberg also retained Clark Hoyt, former editor-at-large at Bloomberg News and public editor of the New York Times, to review the relationship between its editorial and commercial arms.

He said the company is beginning to implement his recommendations that are designed to help the company “adhere fully and consistently to their already-high standards, as well as to highlight areas where policies and practices should be revisited in a rapidly-changing world.”

In his statement, Bloomberg CEO Dan Doctoroff, said, “We know we needed to evolve, and we have learned from our mistakes.”