OK, one "risk" the Agency takes is not getting paid by the Client, even though they have to pay the Agency worker. They also pay the Agency worker each month, even though they have to wait a few months to get paid from their Client.
They also handle paperwork, book and pay for travel, etc. I think it all comes down to what is "reasonable" or more likely what people think is reasonable. e.g. 10% cut is more reasonable than 45% cut in my opinion 🙂