General market risk and specific risk can be modelled together or separately for normal VaR measure and stressed VaR measure. In other words, a bank could calculate either a combined VaR measure for the  2  BIS central bankers’ speeches  two risk categories (general market risk and specific risk) or separate VaR measures for each of them.
For example, the most extensive approach to model equity risk would be having risk factors corresponding to the volatility of individual equity issues. In such a case, bank would have modelled both general market risk and specific risk together.