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Heat stock in saucepan over medium heat; keep at a low simmer. Heat olive oil in a heavy-bottomed saucepan over medium heat. Add shallots to oil, and cook, stirring, until translucent. Add rice, and cook, stirring, until rice begins to make a clicking sound like glass beads, 3-4 minutes. Add wine to rice mixture. Cook, stirring, until wine is absorbed by rice.

Using a ladle, add 3/4 C. hot stock to rice. Using a wooden spoon, stir rice constantly, at a moderate speed. When rice mixture is just thick enough to leave a clear wake behind the spoon, add another 3/4 C. stock. Continue adding stock 3/4 C. at a time and stirring constantly until rice is mostly translucent but still opaque in the center. Rice should be al dente but not crunchy.

As rice nears doneness, watch carefully and add smaller amounts of liquid to make sure it does not overcook. The final mixture should be thick enough that grains of rice are suspended in liquid the consistency of heavy cream. It will thicken slightly when removed from heat.

Remove from heat. Stir in butter, parmesan cheese, and parsley; season with salt and pepper. Divide the mixture among four shallow bowls, mounding risotto in the center, and grate or shave additional parmesan over risotto. Serve immediately.