1. Cook the pancetta gently in a large saucepan until it’s crispy; remove it with a skimmer and place it on a paper towel to drain.
2. If using fresh peas, cook them in a little boiling water until tender, about 5 to 10 minutes. Drain well and set aside. If using frozen peas, simply add them to the recipe.
3. Melt 3 T. of butter in a thick-bottomed saucepan. Add the shallots and cook over moderate heat, until they’re slightly softened, about 3 minutes.
4. Add the rice, stir well, and cover for about 2 minutes.
5. Bring the broth to a boil in another saucepan. Add the hot broth to the rice, 1/2 T. at a time, stirring constantly with a wooden spoon, and wait until each 1/2 T. of broth is almost completely absorbed before adding another. This should take about 20 minutes for the rice to absorb all the broth and be tender. At this point, the risotto should be creamy, not watery.
6. Add the peas, pancetta, and remaining butter. Season with salt and pepper.
7. Divide the risotto among four hot bowls.