First, peel the asparagus, cut off the woody ends and chop the stalks into small, fine disks. Leave the tips whole and cook al dente in salted water. Rinse off in iced water and set aside for now.
Now dice the shallots and soften in a saucepan with olive oil. Add the asparagus and rice and deglaze with the white wine.
Add the vegetable stock a bit at a time while stirring constantly until the risotto is creamy. Finally, stir in half of the butter and the Parmesan and season to taste with salt and pepper. Fry off the cooked asparagus tips with the rest of the butter and use them to garnish the risotto.