> ## Documentation Index
> Fetch the complete documentation index at: https://docs.activeviam.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Risk factor [MAR10.9]

The **Risk Factor** is used to identify [sensitivities](./sensitivities).
However, it is not used directly in the calculations, instead the **Commodity**, **Location**, and tenor fields are used (as appropriate for the risk-measure).
This means that multiple **Risk Factor Names** may be used for the same risk-factor.

The **Commodity** (Underlying) refers to the "distinct commodity" [MAR21.83](https://www.bis.org/basel_framework/chapter/MAR/21.htm?inforce=20230101\&published=20200327#paragraph_MAR_21_20230101_21_83)(1) and [MAR21.84](https://www.bis.org/basel_framework/chapter/MAR/21.htm?inforce=20230101\&published=20200327#paragraph_MAR_21_20230101_21_84).

| Field                  | Key | Risk Measure | Description                                           |
| ---------------------- | --- | ------------ | ----------------------------------------------------- |
| As-of Date             | Y   | All          | Timestamp (at close of business) for the data (T-1)   |
| Risk Factor Name       | Y   | All          | A name for the risk-factor                            |
| Risk Class             | Y   | All          | “Commodity”                                           |
| Risk Measure           | Y   | All          | “Delta”, “Vega”, or “Curvature”                       |
| Sensitivity Tenor      |     | Delta        | The time to maturity of the traded instrument (Delta) |
| Option Maturity        |     | Vega         | The maturity of the option (Vega)                     |
| Commodity (Underlying) |     | All          | The distinct commodity                                |
| Location               |     | All          | Delivery location of the commodity                    |

For Vega and Curvature, the risk-factor is the same as the underlying.