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The phrase "taking the risk" is correct and usable in written English.
You can use it to express a situation in which someone is undertaking a task with a degree of uncertainty or potential danger. For example, "They decided to take the risk and start their own business despite the economic downturn."
Exact(59)
Taking the risk.
I liked him for taking the risk.
Still, it's worth taking the risk.
Taking the risk of developing diabetes seriously makes sense.
It is not worth taking the risk of waiting.
Aggregators are taking the risk to develop the market.
"I have no regrets about taking the risk.
Is it worth taking the risk with a Juventus win?
At the very least, his program is taking the risk of standing alone.
Praise to the brand for taking the risk, but the stunt has a potential problem.
"We felt it was worth taking the risk," the $50-a-month 50-a-month says.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com