Chop 6 ounces of the pancetta and set aside. Place the remaining 2 ounces, torn into pieces if they are large slabs, into a medium stockpot. Pour the chicken stock over the torn pancetta and add the parmesan rinds. Turn the heat to low and let it just barely simmer for about 20 minutes. You don’t want it to evaporate, you’re just infusing all that flavor.
Meanwhile, place a large skillet over medium-high heat. Add a drizzle of olive oil, then the chopped pancetta. Cook, stirring frequently with a slotted spoon, until the pancetta is crisped and the fat is rendered. Remove the pancetta to a paper towel lined plate, leaving the fat in the pan.
You’ll need a good tablespoon of pancetta fat, so supplement with more olive oil if you don’t have enough. If you have a little too much, that is not an actual problem in life, so don’t pour any off. Turn the heat to medium, then add the shallot and garlic. Cook, stirring continually, for about a minute, until softened. Now add the rice and stir to toast and coat, about one minute. Pour in the white wine and stir until it has absorbed into the rice.
Turn the heat on the chicken stock to its lowest point. Ladle about one cup of flavored stock into the rice and stir continually until it is absorbed. Repeat with the rest of the stock, ladling it in one cup at a time and stirring until absorbed. This entire enterprise will take about 30 minutes. Taste for texture, and if the rice is still too chewy or hard, keep adding water the same way you added stock until the rice is al dente and creamy. Also taste for seasoning. The stock is going to be pretty salty, but add a little kosher salt if necessary.
Turn the heat to low and melt in the butter and shredded Parmesan. Serve garnished with plenty of reserved crispy pancetta and more shredded Parmesan if desired.