Take-off is a bit of a risk it seems (4)
I believe the answer is:
skit
'take-off' is the definition.
(both can mean a send-up or parody)
'bit of a risk it seems' is the wordplay.
'bit of' indicates a hidden word.
'SKIT' is hidden in the letters of 'risk it seems'.
'is a' acts as a link.
(Other definitions for skit that I've seen before include "Comedy routine" , "Short satirical piece" , "Brief satirical sketch" , "Short satirical performance" , "Comedy item" .)