Cook the farfalle according to the package instructions. While the pasta's boiling, continue with the crispy pancetta and cream sauce.

Add the pancetta to a skillet on medium-high heat. Saute until the pancetta starts getting toasty (about 3 to 4 minutes). Drain excess oil from the skillet as needed. Add the shallots and continue frying another minute, then remove the mixture to a paper-towel lined plate and set aside.

Melt the butter in a medium saucepan over medium heat. Let simmer until the butter turns caramel in colour and gives off a nutty aroma (about 3 to 5 minutes). Whisk in the flour. Keep whisking for 2 to 3 more minutes.

Whisk the milk into the saucepan. Keep whisking until the sauce is a little thicker than heavy cream. Add the cheese, and salt and pepper to taste, and whisk until smooth.

Mix the parsley with the pancetta. Drain the noodles. Toss the bow-ties withe the cream sauce and top with the pancetta crumble.