Bring stock to a simmer in a large saucepan over medium heat. Reduce heat to low; cover to keep warm.
Melt olive oil and 1 tablespoon butter in heavy large saucepan over medium heat. Add shallots and sauté until tender, about 5 minutes.
Add rice; stir 1 minute. Add wine and stir until evaporated, about 30 seconds.
Add 1 1/2 cups hot stock; simmer until absorbed, stirring frequently. Add remaining stock 1/2 cup at a time, allowing stock to be absorbed before adding more and stirring frequently until rice is creamy and tender, about 35 minutes.
Stir in the cheese, remaining 1 tablespoon of butter, parsley, and seasoning. Transfer to a bowl and serve immediately.
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