In a small saucepan, bring the chicken broth to a slow simmer over medium heat.

In a separate, larger saucepan heat the olive oil over medium heat. Add the pancetta and sauté until lightly browned, 3 to 4 minutes.

Drain all but 3 tablespoons of fat from the pan (if you don't have enough, add a bit more olive oil).

Add the shallot to the pancetta and continue cooking, stirring often, until soft and translucent, 3 to 4 minutes.

Add the rice and stir to thoroughly coat with the oil. Cook for 1 to 2 minutes, then stir in the wine and bring to a simmer.

Add 1/2 cup of the hot broth and continue cooking, stirring constantly, until the broth has been absorbed. Keep adding broth in 1/2 cup increments, allowing each addition to be absorbed before adding more (see notes below).

You'll need to stir continually while the risotto cooks and season to taste with salt and pepper two or three times during the process.

Total cooking time is approximately 18 to 20 minutes, but start tasting after about 15 minutes and stop adding broth when you're happy with the texture. Unlike most other varieties of rice, arborio will always be somewhat firm to the bite.

Once the rice is cooked to your liking, stir in the cream, peas and scallions and cook for 1 more minute to heat through. Top with grated Parmigiano-Reggiano cheese and serve immediately.

This recipe can be doubled to make 8 servings.