危険 kiken is danger, cited from 737; を marks the object; 冒す okasu is to do a thing knowingly in the face of danger, the verb Japanese also uses of defying weather and profaning the sacred, so the phrase has more edge than take risks: it is what a person does knowing the cost. It is a set expression with its own dictionary entry, and its roots are commercial: an 1884 etiquette manual translated from the American, an 1889 treatise on life insurance, a Waseda lesson glossing the English run a risk.
危険 is neither singular nor plural, so the title's risks has no counterpart to lose.
We want you to be as happy with the meaning as you are with Master Takase's art. To learn more, visit Philology of 危険を冒す.