In a large skillet, heat olive oil and 1 tablespoon of butter over medium heat. Add the shallots and garlic, sautéing until softened and fragrant, about 2-3 minutes.

Cook the Mushrooms

Add the sliced mushrooms to the skillet and cook until they are browned and tender, about 5-7 minutes.

Toast the Rice

Stir in the Arborio rice and cook for 2 minutes, allowing the rice to absorb the flavors.

Deglaze with Madeira

Pour in the Madeira wine and stir until it is mostly absorbed by the rice.

Add Broth Gradually

Begin adding the warm broth one ladle at a time, stirring frequently. Allow the rice to absorb the broth before adding more, about 18-20 minutes total until the rice is creamy and al dente.

Incorporate Lobster and Cheese

When the rice is nearly done, stir in the chopped lobster meat, the remaining butter, and the grated Parmesan cheese. Season with salt and black pepper to taste.

Serve

Remove from heat and let sit for 2 minutes. Serve hot, garnished with chopped parsley.