In a large saucepan over medium-high heat, bring the chicken broth almost to a boil. Cover and keep it hot over very low heat.
Place a risotto pan or Dutch oven over medium heat. Add the pancetta and olive oil and cook, stirring occasionally, until the pancetta is golden brown and crispy, 7 to 8 minutes. With a slotted spoon, remove the pancetta and place on a paper-towel lined plate and set aside.
In the same pan, add the onion and 1/2 teaspoon of the salt and cook until softened, stirring occasionally, about 5 minutes. Add the garlic and cook until fragrant, about 1 minute. Add the rice and stir constantly for about 3 minutes, until the rice grains have been toasted (but not browned) and a white dot remains in the center of each rice kernel. Add the red wine, increase the heat to high and bring to a boil.
Reduce the heat to medium-low, and maintaining a simmer, let the wine reduce until almost evaporated, 7 to 8 minutes. Start adding the stock, 1 cup at a time, stirring constantly. When the stock has almost completely reduced, add another cup of stock. Continue to reduce and add more stock until the rice has cooked through and is al dente and the risotto has a creamy texture, about 20 to 25 minutes.
Turn off the heat and stir in the butter and reserved pancetta until completely melted. Stir in the grated cheese, parsley and freshly ground black pepper to taste. Serve the risotto immediately in warmed bowls, with more cheese at the table, if desired.
Serves 4 to 6