In a risotto pan or a wide mouth pan, over medium heat melt the butter and add the shallots. Cook until the shallots are translucent. Add the Saffron and a little of the chicken broth. You will see the butter and the shallot turn light yellow/orange. Add the arborio rice and some of the broth. Stir constantly and add broth as soon as the rice starts to dry.
Continue stirring and adding stock until the rice is ready, 35-40 minutes. Remove from heat and add parmesan cheese and the butter, mix well.