Set a medium sauce pan over medium-low heat. Pour in chicken broth, and allow the broth to come to a simmer. Keep the broth warm until ready to use.
Heat a large sauté pan over medium heat. Add the olive oil and bacon, and cook the chopped bacon until crispy, about ten minutes. Use a slotted spoon to remove the bacon from the pan, and transfer it to a plate lined with paper towels to drain.
Turn the heat of the pan down to medium-low. Add shallots and a pinch of salt, and cook for 1-2 minutes until softened. If the shallots are cooking to quickly, remove the pan from the heat and allow it to cool before continuing to cook. The shallots should be soft and fragrant, but avoid burning them.
Add garlic, cook for about a minute with the shallots. Add rice, and stir to coat in the oil, garlic, and shallots. Cook rice for about 2-3 minutes, until only a white dot remains in the middle of each grain.
Pour in white wine, and allow the alcohol to cook out of the wine as it is absorbed into the rice, about 2-3 minutes.
Once the wine has been absorbed, begin adding the warm chicken broth one ladle at a time. Wait until each ladle is nearly absorbed by the rice before adding the next. This process will take about 20-25 minutes total. The rice will start to transform and take on a very creamy texture as it cooks.
Once the rice has just the slightest bite to it, stir in the caramelized onions and cooked bacon, and remove the risotto from the heat. Stir in parmesan and butter, then season with salt and pepper to taste. Garnish with chopped chives, and serve hot!