I don't think risky should be buffed.
The skill gives too easy outplay potential if it cancels, and if it doesn't self stun, it is very hard to punish in a lot of scenarios (e.g. sub -> risky). On top of this, if it doesn't have a self-stun, it allows for too easy of a sub punish through risky -> auto.
As for blade piercing,
I don't think removing the self stun is a wise idea as the base damage is very high on this move (incredibly high for a str scaling move, especially with the base damage power creep on new swords). The move is a high risk high reward and to justify removal of a self stun, you would have to reduce the base damage significantly (I'm talking at least 50% damage reduction).