1. Finely chop the onion and pancetta; bring the stock to the boil and keep it at a gentle simmer.
2. In a wide pan, fry the pancetta in half the butter and the olive oil for 2-3 minutes, add the onion and cook for 3-4 minutes until translucent.
3. Add the peas, pour in two ladlefuls of stock and cook for 5 minutes.
4. Add the rice and 3-4 more ladlefuls of stock and cook for 16-18 minutes, stirring often and topping up with stock a ladleful at a time; the result should be looser than a risotto - almost a thick soup you eat with a spoon.
5. Take off the heat, stir in the remaining butter, the grated parmesan and the parsley, add salt if needed and leave to rest for 2 minutes.
6. Serve in deep plates, with a spoon.
Tip: Venetians say risi e bisi is "neither soup nor risotto" - if it's too thick, don't hesitate to add another ladleful of hot stock.
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