How do you manage risks in an agile environment?

The advantage with Agile is that since you meet your team more frequently , you are able to identify more risks and find updates to them more frequently .
Nothing stops you from following a standard risk management process

Identify the Risks
Prioritize them
Identify mitigating actions
Assign ownership
Actively manage them

Once you have setup a "Shared" risk register , (and there are very good EXCEL templates that auto calculate the severity and priority of risks )just encourage team members to keep adding to the risks and as a Project Manager, you need to keep an eye and make sure the register is updated at least every week.

I strongly believe that Risks need to be managed continuously and explicitly throughout the project and there is no such thing as "implicit" management

Mario -

Risks can be managed similar to how they are in a predictive project but the main difference is that revisiting the risk management processes will happen more frequently.

It is important to surface critical solution or operational risks early and explore those early through options such as spikes, multiple candidate architectures and so on.

Kiron

Managing risk in agile environment is also important in my view. Although processes like continuous delivery, automated testing, short iterations help to eliminate certain types of challenges quickly, however there still are many categories of risks that needs continuous monitoring and a proactive action if it occurs. Keeping an eye on all risks is beneficial and recommended in agile delivery model as well.

Mario,

I think risk must be managed the same way in all projects. In an Agile context, it should be more frequent, making it more efficient.

Vincent

Traying to add something to comments above, few people know that to implement Agile mainly in the software field Barry Bohem´s Spiral model was the life cycle process selected as basement or foundation to create iterative-incremental process that help Agile based metods to create software. Then, my first recommendation is reading that process. When you read it, you will find that is based on risk management then Agile based method inherit that. Agile is based on risk management. Then, you can find implementations that can vary regarding frameworks (Scrum) or methods (DSDM for example) where you can find risk management implicit or explicit. At the end, the way to implement risk management is exactly the same than in other approaches. Remember: what could vary is tools and techniques according your organizational reality and initiative.