Place slices of prosciutto on a lightly greased cookie sheet. Bake until prosciutto slices are almost completely crisp, about 6-8 minutes. Reserve for garnish.
In a medium saucepan, bring the chicken stock to a boil. Reduce heat to a simmer. Blanch the asparagus in the stock for 2 minutes. Remove asparagus with a slotted spoon. Set asparagus aside and keep stock at a low simmer.
In another medium saucepan, melt 1 Tbsp of butter. Add shallot and cook until tender, about 3 minutes. Add Arborio rice and stir to coat in the butter. Continue toasting the rice, stirring constantly, for about 3 minutes more.
Add Champagne to rice and simmer until the liquid has almost evaporated, about 3 minutes. Add 1/2 cup of the simmering broth and stir until almost completely absorbed, about 2 minutes. Continue cooking the rice, adding the broth 1/2 cup at a time, stirring constantly and allowing each addition of broth to absorb before adding the next, until the rice is tender but still firm to the bite and the mixture is creamy, about 20 minutes total.
Remove from the heat. Gently stir in the asparagus, remaining butter, Parmesan, salt, and pepper. Spoon the risotto into serving dishes and garnish by breaking the crisp prosciutto pieces into smaller pieces over the top of the risotto.