Target of the work is to study external and internal risks impact on Latvia’s accommodation and food services sector. In the work are used scientific research methods – economic analysis method of enterprises, the special coefficient method and the risk ranking method. The authors had studied average financial indexes of the Latvia’s accommodation and food services sector enterprises. The authors have assessed risks by using the special coefficient method. The authors have classified risks by the public relation’s field - the economic risk and have classified risks by type of commercial activity - the financial risk. The authors have classified risks by fields of origin - external and internal risks. The economic risks are external risks, but the financial risks are external and internal risks.The authors have created the accommodation (hotel) and food services technological process flow map and have carried out a survey of the most important risk factors in the stages of the technological process. The authors have created the algorithm of identification, classification and assessment of the accommodation (hotel) and food services sector enterprises’ risks.