In a small pot, bring chicken stock to a simmer, then reduce heat to low to keep warm.
In a saucepan over medium heat, melt butter, then saute shallot until translucent, about 3 minutes.
Add rice, stirring to coat in butter, then let sit to toast for 1-2 minutes. Add wine, stirring until it’s completely absorbed into the rice.
Begin to add chicken stock, 3/4 cup at a time, stirring frequently. Wait until previous addition is fully absorbed before adding the next. During the third addition of stock, add asparagus. During final addition of stock, add shrimp.
Once all stock is absorbed, rice is fully cooked and creamy, turn off heat. Add in parmesan, stirring to melt, and add salt and pepper to taste.