EVE interest rate risk model


I am working on this EVE interest rate risk model. The concept is basically to shock the yield curve with a paralell shock, and then calculate the delta PV. I really have some fundamental questions about valuation of this delta at instrument level.

Plan vanilla interest rate swap: for example a 3yr IRS in USD with a receiveng yearly fixed flow and a paying floating 3m flow. In my calculation of a PV for the interest rate swap we have the fixed flows discounted, and the 3m flow estimated and discounted. I do use a IBOR-swap curve for estimation/discounting for information (not too important for my question). My main question is this: in my head it would never be changed a notional in this product, but the financial system I use to generate the interest rate risk puts the notional of the fixed leg on maturity and the notional of the float leg on the next reset date. This will affect which buckets the interst rate risk will be sorted. Why do the interest risk involve a notional for this kind of product?

Cross currency basis swap:
for example receving 3m float in AUD and paying 3m float in USD. I will valuate this product by discounting the estimated cash flows and notional at maturity. The financial system I use will generate an interest rate risk equal to the notioanl maturing at the next reset date. I could understand the principle that the two legs can be thought of as two FRN's with a 3 month rate, and that you can replicate a FRN by rolling a 3 month bond, but still: why put the notional in the bucket that belong to the next reset date, and not at maturity? The interest rate risk generated should reflect the delta PV for the product by shocking the yield curve, and the product is valuated by discounting the notional at maturity.

Will gladly appreciate answers. Best regards from a quantrookie
this reads like a replication of the following intuitions:
  • putting notional at maturity of the fixed leg creates a regular fixed coupon bond like interest risk profile
  • putting notional at the next reset of the floating leg creates a "floating rate bond has short duration that is about the length of the floating rate period" risk profile
Thank you so much for answer. I would expect risk number presented in the way desribed above (1. moving notionals, 2.adding notionals for the IRS) will differ from a full revaluluation of the products. Do you agree? Is it correct understood that this way of illustrating the risk is more a way to illustrate the duration of the interest rates in a way?