The most common and most likely answer to this crossword clue is the 6 letter word RISQUÉ
I've seen this crossword clue in The Guardian
R
I
S
Q
U
Ã
‰
More clues leading to the result RISQUÉ
- Monarch is quite losing it, appearing almost rude
- Naughty rebel captures queen
- Spicy soup, bit of rocket for its topping
- Male teacher upset over what in Spain is saucy
- Daring revolt stopped by queen
- Squire turns 27
- Hit squire near the knuckle
- Squire dressed in blue
- Teacher going over French that’s 24 down
- Queen captured in revolt? Danger past
Buddy explains!

The straight part
We know that "27" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case 27 = risquÉ.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does RISQUÉ mean?
RISQUÉ adjective- Suggestive of sexual impropriety; bordering on the indelicate.
- A possible adverse event or outcome
- The probability of a negative outcome to a decision or event.
- The magnitude of possible loss consequent to a decision or event.
- (formal use in business, engineering, etc.) The potential (conventionally negative) effect of an event, determined by combining the likelihood of the event occurring with the effect should it occur.
- An entity insured by an insurer or the specific uncertain events that the insurer underwrites.