Cook pancetta in butter until fat is rendered and pancetta is crispy.
Remove pancetta bits from pan, reserve 2 tablespoons for garnish.
Cook trumpet mushrooms and garlic in pancetta fat until fragrant.
Add rice to pan, cooking 1 minute.
Add milk and water and bring to a boil.
Reduce to simmer, cover and cook 12 minutes.
Add in grated Parmesan and continue to cook the rice to an al dente texture, stirring often, for 3-4 minutes more (the stirring action gives the rice a risotto like texture, stir more for a thickener result).
Garnish with pancetta, chopped Italian parsley and Parmesan shavings.