Blanch asparagus tips in boiling water for 2-3 minutes; set aside.
Remove beards from scallops and sauté scallops in1 tablespoons of the butter until caramelized (2-3 minutes). Set aside.
Heat chicken stock in a saucepan until warm.
Combine olive oil and 1 tablespoons of the butter in a large heavy bottomed pot. Sauté the shallots until soft. Add the rice, and cook stirring, for 2-3 minutes.
Add the liquid seasoning. Continue stirring until liquid reduces by half. Gradually add the chicken stock, one ladle at a time, stirring constantly, allow the stock to be absorbed before adding more. This process should be about 20 minutes.
Stir in the asparagus and scallops. Finish with the remaining 4 tablespoons butter and the cheese.