Distributed trust management supports the provision of the required levels in a flexible and scalable manner by locally discriminating between the entities with which a principal should interact. However, there is a tension between the preservation of privacy and the controlled re- lease of information when an entity submits credentials for establishing and verifying trust metric where it may disclose too much information of the credentials. Further- more, trust delegation will require some levels of risk to be tolerated. In this paper, we propose a trust model with privacy protecting and risk evaluating. Our model is based on an ordered semiring framework. In proposed ordered semiring framework, credential graph is flexible enough to express trust relationship which adapts to the trust and privacy risk aggregating and concentrating in decentralized network systems. We describe a solution model to establish trust with risk evaluating with the trust opinion and privacy opinion, and also provide the minimized privacy disclosure credential search algorithm based on ordered semiring model.