When this question is asked to a QA team member, the idea is to assess their familiarity and comfort in using the process in place. But when this question is coming to the team lead, this is to understand your expertise is being able to establish the said process. The best way to go about this is: brainstorm.
A sample answer could be this way: Currently, we follow a mix of both traditional and Agile projects. The way we go about this is: we handle releases in short sprints but within the sprints, we would still create a test plan, test scenarios but not test cases and report the defects as we would in the waterfall model. To track progress we use a scrum board and for defects we use Bugzilla tool. Even though our sprints are short, we make sure that all reviews, reports and metrics happen on time.
You can add more to this: if it is an onsite-offshore model project, if the dev and QA sprints are separated and lag behind one another, etc.