Preheat the oven to 325°.
Lamb: Season the lamb on all sides with salt and pepper and sear them until golden brown in a large pot with olive oil over high heat. Once brown remove them from the pot and set aside.
Next, add all of the vegetables and herbs into the pot and caramelize, about 15 minutes.
Add in the tomato paste and stir until combined and cook for a further 3 to 4 minutes. Deglaze with red wine and cook until it becomes very thick and incorporated into the mixture.
Add in the stock followed up by adding in the lamb shanks. Place a lid over the pot and cook in the oven at 325° for 3 hours. Remove them from the pot and strain the vegetables and serve with the remaining liquid.
Risotto: Risotto: Melt the butter over medium heat in a large pot and add in the onions and caramelize, about 20 minutes.
Next, add in the rice and toast for 2 to 3 minutes before deglazing with white wine.
Stir the rice constantly until the rice has absorbed the wine and add in 8 ounces of chicken stock at a time while continuing to stir until the liquid is absorbed. Repeat the process until the risotto is al dente or slightly crunchy.
Fold in the Parmesan cheese, whipping cream and season with salt and pepper until combined. Keep warm.
Serve the lamb over a bed of risotto.