The goal of the research is to study types of risks, their identification and classification and assessment possibilities in activities of Latvian trade services enterprises. The authors have researched economic activity of trade services sector enterprises in Latvia in the period from 2004 to 2012. The authors have created classification of the trade services technological process risks. The authors have carried out a survey of the most important risk factors in the stages of the trade technological process. The authors have created the trade services technological process risks matrix. The risks matrix is a quantitative assessment of risks. The authors have arranged risks by their size of possible losses. The authors have used their own created model of enterprises’ risks identification, classification and assessment that to research economic and financial risks by their effect on Latvian trade sector enterprises’ development. The authors have applied the expert method of economic risk assessment. The authors have created economic and financial risks matrix. From year 2004 till year 2011 the authors studied medium financial indexes of trade services enterprises in Latvia. Based on economic analysis of trade service enterprises medium financial indexes is created risk-level dynamics assessment by using special coefficient method. Compare 2004 to 2011 that the risk of liquidity increases. The risk of circulation of stocks decreases, whereas the risk of circulation of total capital and the risk of debtors increases. The risk of profitability of turnover increases. The risk of profitability of assets increases and the risk of profitability of own capital increases. As well as the risk of financial instability increases compare 2004 to 2011. The authors have prepared questionnaire about enterprise’s activity and economic and financial risk assessment about possible amount of losses. The authors have carried out questionnaire where representatives of small and medium-sized enterprises gave information about economic and financial risk impact on enterprise’s development in 2012. Questionnaire participants’ assessed economical and financial risks had ranked as possible amount of losses. The authors recommend for enterprises to use risk matrix that to develop risk management system. Risk matrix can use to choose enterprise’s strategy of risk management. The enterprises can use the authors created model of identification, classification and assessment of the risks to produce their own risk management systems.