Backing show, risk being invested on and off (8)
I believe the answer is:
reversal
'backing' is the definition.
(thesaurus)
'on and off' is the wordplay.
'on' becomes 're' ('on' can be mean 'with reference to').
'and' says to put letters next to each other.
'off' becomes 'versal' (I am not sure about this - if you are sure you should believe this answer much more).
're'+'versal'='REVERSAL'
'show risk being invested' is the link.
I am not very happy about this link. Some or all of it may belong to another bit of the clue.
Can you help me to learn more?
(Other definitions for reversal that I've seen before include "Turnabout" , "A set-back or backwards movement" , "A set-back or turning around" , "Set back" , "complete change" .)