Risk Identification is the initial step in Agile Risk Management. It involves identifying potential risks that could potentially impact the project in a negative way. In Agile projects, the entire team is involved in the risk identification process, using techniques such as brainstorming, checklists, and risk profiling. It is critical to identify risks as early as possible in a project, as they can impact cost, schedule, and quality. The key output of this stage is a list of identified risks that are then further analysed and prioritised.

After identifying potential risks, Agile teams move on to Risk Analysis. Risks are assessed on the basis of their likelihood and potential impact on the project. The Risk Analysis stage involves quantifying the probability of risk occurrence, and the effect it would have on the project. This assists the team in focusing their attention on high-priority risks. Techniques used during risk analysis stage include qualitative analysis, quantitative analysis, and modeling techniques.

Risk Evaluation is the process of comparing risk levels against risk tolerances and thresholds. This is done to determine the priority of the risks in terms of their potential impact on project outcomes. The evaluation is done after the risk analysis and focuses on making decisions about which risks need immediate attention, which ones can be ignored for the time being and which ones require further analysis.

Risk Response Planning is a proactive process where strategies and actions are formulated to deal with individual risks. The purpose is to minimize the negative impacts of risks on the project. In Agile Risk Management, the team devises response strategies for the prioritised risks, keeping in mind the Agile principle of flexibility in responding to changes. Some common risk response strategies include acceptance, avoidance, transference, and mitigation.

Risk Monitoring and Reviewing involves continuous monitoring and controlling of risks throughout the project lifecycle. This is done to see if the risk response strategies are working effectively and if there are any new risks emerging. Changes in existing risk levels and emergence of new risks are identified and managed promptly. The team needs to regularly revisit the Risk Management plan and update it as necessary, based on the real time information.

This phase involves analyzing and prioritizing the identified risks based on their potential impact and probability of occurrence. Prioritization aids in focusing the team's efforts on severe threats first. The Risk Matrix (Probability vs. Consequences) or Risk Radar are tools typically used for visualizing and prioritizing risks. Furthermore, the results of this phase are often used to determine risk owners who will be responsible for tracking and mitigating these risks.

During the Risk Review phase, the team regularly revisits and reviews the risk list to ensure the risk status is up-to-date. Agile practitioners embrace change, so the risk review process is performed regularly (for instance, during Iteration Planning or Retrospective Meetings). The main goals are to determine if the risk is still relevant, assess the effectiveness of the mitigation actions, and check for any new risks.

Risk Tracking and Monitoring involves keeping a close eye on the identified risks and tracking whether the risk mitigation strategies are being implemented effectively and yield the desired results. This process also enables better visibility of risks at all levels of the organization. Tools like risk registers or risk burndown charts are commonly used in Agile teams for risk tracking and monitoring. This constant monitoring allows the team to adapt and update the risk response strategies as required.

In Agile Risk Management, risk ownership is a key concept. It refers to the act of assigning a specific risk to a team member or stakeholder who is accountable for managing the risk. The owner is responsible for developing and implementing effective strategies to mitigate, avoid, transfer or accept the risk, depending on the evaluated impact and likelihood. Risk ownership encourages responsibility and proactive engagement in risk management activities, helping to ensure that risks are properly managed and controlled, thus minimizing possible impact on the project.

Agile Risk-based Prioritization is a concept that suggests risks be ranked based on their perceived impact and probability. This model helps teams to determine the amount of attention and resources that should be allocated to each risk. Prioritizing in this way helps ensure that high-impact risks are addressed early and that no important risks are overlooked. With Agile’s iterative approach, teams adjust their risk priorities as they progress, ensuring that they are always focusing on the most significant risks.

An Agile Risk Board is a visual tool used to manage and monitor risks during a project lifecycle. It is used to display risks, related information and the current status of risk response strategies in a way that is easily understandable, transparent and where updates can be made in real-time. The board typically includes columns for risk description, risk owner, status and comments. It is a vital tool in Agile Risk Management because it facilitates communication about risks, their status and owns to the team, stakeholders and management.

Risk buffering is a concept practiced in Agile Risk Management to create safety reserves, known as buffer times, to help absorb any impacts or delays that risks may cause in the project. These buffers can either be time-based or cost-based. By having a buffer, if a risk does occur, there's already allocated time or cost set aside so the overall project isn't suddenly derailed. This method can effectively manage risks by acknowledging uncertainties and planning for them.

Continuous Risk Management is a proactive and ongoing process that involves identification, analysis, planning, tracking, controlling, and communication about risks. Unlike traditional project management that conducts risk management at specific intervals, in Agile, risks are managed continuously throughout the project lifecycle. This way, teams can quickly adjust response strategies if the risk level changes or a new risk arises. As its name implies, this process is continuous, cycling back on itself to constantly re-examine and re-evaluate risks.

The Agile Risk Adjustment is a vital concept in agile risk management. This agile methodology emphasizes flexibility and the capability to adjust and adapt the project whenever and wherever necessary. The ability to adjust the project regularly can help reduce risk significantly. This is because the progress of the project is being monitored continuously, and changes can be made on time to avoid severe consequences. Thus, the risk adjustment strategy in agile project demands the ability not just to anticipate risks but also to respond quickly to issues as they crop up during the project's life cycle.