Pour chicken broth into a pot; bring to a simmer over medium-low heat.

Meanwhile, heat olive oil in a large saucepan over medium heat. Cook and stir onion and garlic in hot oil until slightly softened, about 2 minutes. Add Arborio rice; cook, stirring frequently, until coated with oil, about 4 minutes.

Stir 1/2 cup hot chicken broth into the saucepan; cook and stir until rice has absorbed broth, about 2 minutes. Repeat this process 4 more times, stirring constantly, until rice is creamy and tender yet firm to the bite, about 15 minutes.

Stir shrimp and asparagus into remaining hot broth. Cook until shrimp turns pink, 2 to 3 minutes. Remove broth from heat.

Use a slotted spoon to transfer shrimp and asparagus to rice; cook and stir for 1 minute. Stir Parmesan cheese and butter into rice; cook until melted, about 1 minute. Remove rice from heat. Season with salt and pepper. Sprinkle parsley over each serving.