Drizzle some olive oil in a skillet. Heat the skillet over medium high heat and cook the pancetta until crispy. Drain on a paper towel.
Melt half of the butter in the same skillet and add in the mushrooms. Add in more olive oil if necessary. Cook until browned and done. Remove from heat.
In a large dutch oven or pot, melt the remaining butter over medium heat. Drizzle some olive oil in the potand cook the shallots until they are tender. Add in the rice and stir, browning slightly. Pour in the wine and cook about 2 minutes to absorb. Add in the garlic now. Using a ladle, spoon a ladleful of the chicken stock into the rice. Cook and stir constantly until the liquid is almost gone. Add in another ladleful and keep doing that until all the stock is absorbed and the rice is tender. If the rice still isn't tender, continue with about 1 C of water at a time until done. Will take about 45 mins total.
Remove from heat. Stir in pancetta/bacon, mushrooms, peas, Parmesan cheese, and parsley. Season with pepper and salt if necessary.