Near the knuckle (4)
'near the knuckle' is the definition.
(I've seen this before)
This is the entire clue.
(Other definitions for risque that I've seen before include "Of a story, slightly indecent" , "Bawdy" , "Slightly indecent or racy" , "Suggestive of sexual impropriety" , "Near the knuckle" .)
(Other definitions for racy that I've seen before include "bawdy quality" , "Risqu" , "rather blue" , "Suggestive; spirited" , "Sexually suggestive" .)