Preheat oven to 425 degrees. In an ovenproof saucepan or Dutch oven, heat butter over medium heat. Add the onion and garlic and cook, stirring, until translucent, 2 to 3 minutes. Add the rice and cook, stirring to coat the grains with butter, about 2 minutes.
Stir in the wine and cook until it has completely evaporated, about 1 minute. Stir in 1 1/2 cups water, the stock, salt, and pepper. Bring to a boil. Cover, transfer to the oven, and bake, until most of the liquid has been absorbed by the rice, 20 to 25 minutes.
*While the risotto is in the oven, blanch the asparagus in a large pot of boiling water. Cook until bright green and place in an ice water bath to stop the cooking.
Remove from oven. Stir in 1/2 to 3/4 cup water (the consistency of the risotto should be creamy), the shrimp, asparagus, and cheese. Serve immediately.