We present an empirically grounded and theoretically informed model for the assessment and mitigation of risks to effective knowledge sharing in agile development. The model is anchored in empirical insights from four agile projects across two software companies and in extant research on risk‐strategy analysis and knowledge sharing in software development. We develop the model as part of the long‐standing tradition of presenting risk management models dedicated to specific issues in software development and confirm its practical usefulness in one of the software companies studied. The model offers concepts and processes to assess a project's knowledge sharing risk profile and articulate an overall resolution strategy plan to mitigate the risks. The results highlight how different knowledge sharing risk management profiles can lead to different project performance outcomes. We conclude with a discussion of research opportunities that the results offer software development scholarship. © 2016 John Wiley & Sons Ltd