In a large, heavy-bottomed pan, heat 2 tbsp olive oil and melt 1 tbsp butter over medium heat. Add the minced shallot and sauté until softened and translucent.
Stir in the Arborio rice, ensuring each grain is coated with the oil and butter. Sauté for 2-3 minutes until the edges of the rice become slightly translucent. Pour in the dry white wine and cook until the wine is mainly absorbed by the rice, stirring constantly.
Add the chicken broth, one ladle at a time, allowing the liquid to be absorbed before adding the next ladle. Stir frequently to ensure the rice cooks evenly.
Continue this process until the rice is creamy and cooked to al dente texture. This should take about 18-20 minutes. Adjust the heat as needed to maintain a gentle simmer.
Once the rice is cooked, stir in the remaining 2 tbsp of butter, shredded Pecorino Romano cheese, freshly ground black pepper, and salt. Mix well until the cheese is melted and the risotto is creamy.
Taste and adjust seasoning if necessary. The risotto should have a creamy consistency and a balance of salty, cheesy, and peppery flavors.
Serve the cacio e pepe risotto hot, garnished with additional Pecorino Romano and a sprinkle of black pepper if desired.