Risotto Rosso

Heat 1 tablespoon olive oil and 1 T butter in a heavy skillet over medium heat. Saute diced pancetta until the fat begins to render. Add diced mushrooms, and saute over medium high heat until pancetta and mushrooms are golden and slightly crisp. Remove from pan with a slotted spoon and set aside.
Combine beef and chicken broth in a large measuring cup or a saucepan. Heat the broth in the microwave or on the stovetop until simmering, and maintain it at a bare simmer. Add 1 T olive oil to the fat in the pan and briefly saute the diced shallots over medium heat until softened but not brown. Add the rice and saute, stirring frequently, until the rice is completely opaque but not golden. Add the wine and stir until the rice is pink and the wine is evaporated. Reduce heat to medium low.
Begin adding the simmering broth, 1/2 cup at a time, stirring constantly. As soon as each addition of broth is absorbed into the rice, add another 1/2 cup. When you have only 1 cup of broth left, return the pancetta and mushroom mixture to the pan to let the flavors blend into the rice. When all of the broth has been absorbed, the rice should be creamy, but not mushy. You may need a little more or less broth, depending on your rice.
Add 2 T butter and stir until melted. Add Parmigiano Reggiano and stir to incorporate, then add parsley and stir briefly. Season to taste with salt and pepper and serve immediately.