Assuming you are using TI and Windows? If so read on....
yes on your computer as well as the Virus.
However you can save files/patches in folders and created subfolders that will store patches and banks on your computer. This is handy for backing up as well to another drive, USB Stick, dvd etc.
The RAM patches are on the Virus which you can save to, the ROM is on virus which cannot be modded and both RAM & ROM are also backed up on the computer.
Directory for default (although I have kinda hacked mine an in another location as dont like everything defaulting to C drive directories).
So on my PC as default they are all here :
C:/Users/**YOU PC LOGON NAME**/Documents/Access%20Music/Virus%20TI/Patches/