Remove the shrimp from the refrigerator. Pat dry with paper towels and gently toss to coat with 1-2 tablespoons of olive oil. Sprinkle with salt, black pepper, and sweet paprika. Mix thoroughly to combine and set aside.
To cook the shrimp, melt 1 tablespoon of butter in a large skillet over medium-high heat. Add the shrimp in a single layer and cook for 3 minutes before flipping and cooking the other side, approximately 2-3 minutes, or until cooked through. Remove cooked shrimp to a clean plate and tent with foil to keep warm. Repeat with remaining shrimp (see notes).
If using store-bought broth, bring to a simmer in a small pot over medium-high heat. Reduce heat to low, cover, and keep warm until ready to use.
Melt 2 tablespoons butter in a large Dutch oven or large, wide, deep sauté pan set over medium heat. Add the shallots and cook until soft, approximately 4-6 minutes. Add the minced garlic and cook for an additional minute.
Add the arborio rice and mix thoroughly to coat in butter and shallots. Cook for 2 minutes or so, stirring often to prevent the rice from burning. Add the white wine and cook, stirring and scraping the bottom of the pan, until the wine has evaporated.
Begin adding the hot stock, one ladle at a time, stirring frequently. Wait to add another ladle until the broth/liquid has been almost completely absorbed by the rice. Don't be tempted to rush this process as this is what makes risotto unique with its extra creamy consistency.
Reduce the heat if you notice that the broth is evaporating rather than be absorbed, or the rice is boiling hard- it should be gently simmering. This will take approximately 20 minutes or so. It's ready when the rice is soft, but still slightly chewy. You may not use all of the broth (but likely most of it).
When your risotto is ready, remove from heat and stir in the last 2 tablespoons of butter and 1 cup of shredded Parmesan cheese. Season with additional salt and pepper, to taste.
Serve immediately garnished with freshly chopped parsley, lemon wedges, and additional Parmesan cheese. Top with plump cooked shrimp.
Allow leftovers to cool before transferring to an airtight container in the refrigerator for up to 3 days.