> ## 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 Underlying, **Counter Currency**, 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.

For Delta and Curvature, the **Risk Factor Currency** (Underlying) refers to the FX rate between the instrument currency and the reporting/base currency [MAR21.14](https://www.bis.org/basel_framework/chapter/MAR/21.htm?inforce=20230101\&published=20200327#paragraph_MAR_21_20230101_21_14)(1).
For Vega, the **Currency Pair** (Underlying) refers to the FX rate [MAR21.14](https://www.bis.org/basel_framework/chapter/MAR/21.htm?inforce=20230101\&published=20200327#paragraph_MAR_21_20230101_21_14)(2).

| 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               | “FX”                                                 |
| Risk Measure                      | Y   | All               | “Delta”, “Vega”, or “Curvature”                      |
| Option Maturity                   |     | Vega              | The maturity of the option (Vega)                    |
| Risk Factor Currency (Underlying) |     | Delta & Curvature | The left-hand side of the risk-factor currency pair  |
| Counter Currency                  |     | Delta & Curvature | The right-hand side of the risk-factor currency pair |
| Currency Pair (Underlying)        |     | Vega              | The risk-factor currency pair                        |

The **Bucket** is the same as the **Risk Factor Currency** or **Currency Pair**.