In a large saucepan, heat 2 tablespoons of olive oil over medium-high heat.
Add the mushrooms to the pan and cook for about 3 minutes or until they become soft.
Remove the mushrooms and their liquid and set them aside.
In the same skillet, add another tablespoon of olive oil and stir in the shallots. Cook for 1 minute.
Add the rice to the pan and stir to coat with oil. Cook for approximately 2 minutes, or until the rice takes on a pale golden color.
Pour in the wine while constantly stirring until the wine is fully absorbed.
Add 1/2 cup of broth to the rice and stir until the broth is absorbed. Repeat this process by adding 1/2 cup of broth at a time, stirring continuously until the rice is cooked al dente, which usually takes about 15 to 20 minutes.
Once the rice is cooked, remove the pan from heat and stir in the mushrooms with their liquid, butter, chives, and parmesan cheese.