Heat the broth in a saucepan over low heat.

Heat 2 tablespoons of olive oil in a large saucepan over medium-high heat. Add the mushrooms and cook, stirring often for about 3 minutes or until soft. Transfer the mushrooms and their juices to a bowl and set aside.

Add the remaining olive oil to the saucepan. Stir in the shallots and cook for 1 minute. Add the rice and cook, stirring often for about 2 minutes until the rice is coated with oil and is a pale, golden color.

Pour in the wine, stirring constantly, until the wine is fully absorbed. Add 1/2 cup of the warm broth to the rice, and stir until the broth is absorbed. Continue adding the broth, 1/2 cup at a time and stirring constantly for 15-20 minutes, until the liquid is absorbed and the rice is tender and cooked al dente.

Remove the saucepan from the heat. Stir in the reserved mushrooms and their juices along with the butter, chives, and Parmesan cheese. Season with salt and pepper and serve immediately.