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Add the stock to a medium pot and bring to a boil over high heat. Once the stock is boiling, reduce the heat to low or remove the pan from the heat and keep nearby.
Heat the olive oil in a wide, tall pot over medium heat. Once the oil begins to shimmer, add the shallot and cook, stirring frequently, until translucent.
Add the shiitake mushrooms and butter. Cook, stirring occasionally, until the mushrooms have cooked down.
Add the garlic, thyme, salt, and pepper, stir, and cook for 1 minute, until the butter has melted and the garlic is aromatic.
Add the rice and stir until fully coated in the mushroom mixture. Let the rice toast for 1-2 minutes, until fragrant.
Add the white wine and cook until the wine has evaporated, stirring occasionally.
Add 1 cup (240 ml) of the hot stock and stir to combine. Cook, stirring frequently, until the stock is fully absorbed.
Continue to add the stock, ½ cup (120 ml) at a time, stirring continuously, until the broth is fully absorbed, for 15-20 minutes. Depending on how fast the rice cooks, there may be leftover stock.
Once the rice is al dente, remove from the heat. Add the Parmesan and stir to combine.
Top with parsley, Parmesan, salt, and pepper.