#themagicalasspudding
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Our volunteers look into many questions every day; sometimes it takes them a little while to answer.
Make it descriptive, including relevant context, but also to the point. This way you improve your chances of getting a more relevant and specific answer.
first of, the second sentence is incorrect because de + les (as an article) always contracts to des
now, while your first sentence is grammatically correct, it doesn't make much sense in this situation
"réduire 20% des risques" means "lower 20% of chances" meaning you take 20% of all risks, and lower that part. People would understand but it's not the best wording choice.
"réduire de 20% les risques" is the same as "réduire les risques de 20%" and means "lowers chances by 20%" meaning you take all chances, and cut 20% off
note that "de" has a different meaning in both sentences:
in the first sentence it means "of" => lower 20% of chances
in the reference sentence it means "by" => lower chances by 20%
the key difference is the positioning of "de"
- "20% des risques"
"20%" is a noun, "les risques" is a noun. "de" is between two nouns, so indicates a relationship (of) - "réduire de 20%"
"réduire" is a verb. being after this word, "de" is part of the construction "réduire de", meaning "lower by". Verbs all have various constructions based on what follows, it's not one général rule
20% of risks vs reduce by 20% 
hmhm