The article discusses the importance of measuring risks in financial institutions using tools like Value at Risk (VaR) and Expected Shortfall (ES). To improve risk management, the researchers created general SemiGARCH models with a time-varying scale function. These models, based on the conditional t-distribution, are useful for assessing tail risk performances. By applying backtesting and trac light tests, the researchers validated their models according to Basel III standards. They also proposed loss functions that incorporate views from regulators and firms, showing that semiparametric models are essential for practical financial risk management.