Blanch asparagus tips in boiling water for 2-3 minutes; set aside.

Remove beards from scallops and sauté scallops in 1 tbsp (15 mL) of the butter until caramelized (2-3 minutes). Set aside.

Heat chicken stock in a saucepan until warm.

Combine olive oil and 1 tbsp (15 mL) of the butter in a large, heavy bottomed pot. Sauté the shallots until soft. Add the rice, and cook, stirring, for 2-3 minutes.

Add the liquid seasoning. Continue stirring until liquid reduces by half. Gradually add the chicken stock, one ladle at a time, stirring constantly; allow the stock to be absorbed before adding more.

This process should take about 20 minutes.

Stir in the asparagus and scallops. Finish with the remaining 4 tbsp (60 mL) butter and the cheese.