The article explores new ways to measure financial risk beyond the traditional Value-at-Risk (VaR) and Conditional Value-at-Risk (CVaR) methods. The researchers focus on developing markets like the South African and Nigerian stock exchanges. They introduce Hull-White Value-at-Risk (HWVaR) and Bubble Value-at-Risk (BVaR) as alternative risk measures. The study finds that these new metrics can address the limitations of VaR and CVaR, providing a more comprehensive understanding of risk in financial markets.