The Olympic Solidarity programme distributes money to help national Olympic Committees around the world fund athlete development and the training of coaches.
It has been given $509 million to distribute in the 2017-20 cycle, compared to $439 for the previous four-year period.
On Monday, the Lausanne-based International Institute for Management Development (IMD) said the IOC should give
"more complete and thorough information on the processes and financial flows from Olympic Solidarity".
Presenting a report of the IOC's governance, the institute suggested setting up a fully-owned subsidiary to run the programme.
The review was commissioned in 2015 as part of the IOC's agenda 2020 reforms which also aimed to make the Olympics more attractive, reduce the cost of hosting them and get the IOC to become more transparent.
The IOC and other sporting federations were also determined to avoid being tarred with the same brush as world soccer's ruling body FIFA, which was hit by an unprecedented corruption crisis in 2015.
It also proposed that the IOC became "more directly involved in the organisation of the Olympic Games" to make sure that promises of a lasting legacy would be fulfilled.
Another suggestion was that the IOC's ethics commission be given "more independence to investigate cases of ethical misconduct, thus improving its efficiency" and that it be given its own budget.
Currently, the commission can only investigate cases handed to it by the IOC's administration.
(Writing by Brian Homewood, editing by Ed Osmond)
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