What is Sprint risk and release risk ?

Can you flip those questions and answer them?

What is sprint reward?

What is release reward?

How to identify them and mitigate plan for not achieving?

If you can answer them in the positive then you should be able to see the negative.

Now for my direct answers to your questions in my opinion.

What is sprint risk? Biggest risk is not delivering any value.

What is release risk? Biggest risk is sticking to a pre-made plan instead of inspecting and adapting based on empirical evidence.

How to identify them and mitigate plan for them? Everyone will be totally transparent with all information, good or bad, to everyone involved in any way with the work. This would include PO, Dev Team members, Scrum Master, stakeholders, and even management because we all know that they exist.  Inspect the information you have constantly.  Adapt what you are doing based on the information you have at that point in time. Everyone must acknowledge that no one knows everything at any point in time and that everything can (and in most cases will) change as the work progresses. Empiricism is of the utmost importance in mitigating risks.

• What is sprint risk ?

The purpose of a Sprint is to meet a Sprint Goal. Therefore “sprint risk” could perhaps be defined as the risk of a Sprint Goal not being  attained.

• What is release risk ?

The purpose of a release is to generate value. Therefore “release risk” could perhaps be defined as the risk of insufficient value being delivered.

• How to identify them and mitigation plan for them ?

A Sprint in which each and every item planned into the Sprint Backlog is essential to the Sprint Goal may present significant “sprint risk”, since if even one item is not completed then the Sprint Goal cannot be achieved. This risk may be mitigated by planning scope contingency (e.g. “should have” or “could have” items) into the Sprint Backlog.

A product for which the delivery of value is not maximized, each and every Sprint, may present significant “release risk”, since the value each increment provides may not be enough to satisfy and sustain product stakeholders. This risk may be mitigated by ensuring that the items which are planned into each Sprint Backlog deliver maximum value (e.g. “must have” items).

The key takeaway is that a balance might need to be struck between managing so-called “sprint risk” and “release risk”.

Many thanks for throwing the light on topic. As I can understand, all the things which can not deliver the value can be potential risk to sprint or release.