Heat olive oil in large saucepan over medium heat. Sauté the shallots and garlic until translucent. Then add the mushrooms, thyme, salt and pepper and cook until mushrooms are tender.
Add the rice and stir. Then add the wine and cook until it has all evaporated.
Pour in the cream and stir. Heat to a simmer, and start adding the vegetable stock one ladle at a time, stirring until it is all absorbed before adding more. Continue this process until the stock is absorbed and the rice is al dente. This should take between 20 and 30 minutes.
Stir in butter and parmesan. Add additional salt and pepper to taste. Then divide into bowls (store anything you don't want to eat immediately in an airtight container in the fridge). Top with chopped Italian parsley and more freshly grated parmesan and serve immediately.