In this scenario, you purchased a paper from an essay writing service. Although you feel that the "risk is worth it", when you submit a graded assignment completed by someone else, it is considered to be contract cheating, a serious breach of academic integrity.
It was your full intention to mislead and gain an unfair academic advantage over other students. Engaging in this type of behaviour means that you gain credit for someone else's work, and do not to demonstrate the knowledge and skills required by your field of study.
By not completing your own work, you are doing yourself a great disservice. Research papers provide the opportunity to think deeply about a topic, consider your ideas, conduct research to gather more information, communicate your ideas clearly and effectively. These are the skills that your professor wants you to practice and perfect. When someone else completes your work, you haven’t practiced any of these valuable skills and you do not deserve the grade you receive.
According to Sheridan's Academic Integrity Policy (2016), contract cheating involves having someone else complete either an "essay, project, visual art piece, programming code, or other type of work and then submitting it as your own work. This includes buying work or obtaining work created "by a peer, relative, or friend and submitting it as your own" (p. 5).
Contract cheating carries tougher penalties than any other type of breach - even for first-time offences.
Although many of the companies who produce work-for-pay products claim that the work is completed by “experts,” most of the work produced is poor quality. Companies may claim that their writers have graduate degrees, but this does not make them experts on all topics. Some of these companies also claim there is no risk in getting caught, but this is also untrue. In any case, regardless of the quality of the work produced, contract cheating is wrong.