Heat 1 tablespoon of olive oil and 1 tablespoon of butter in a large pan over medium heat. Add the sliced mushrooms and sauté until golden brown. Remove the mushrooms from the pan and set them aside.
In the same pan, add the remaining 1 tablespoon of olive oil and 1 tablespoon of butter. Add the finely diced shallots and minced garlic, cooking for 2 to 3 minutes until soft and translucent.
Stir in the Arborio rice. Toast the grains for 1 to 2 minutes, stirring constantly, until the edges of the rice appear slightly translucent.
Pour in the dry white wine to deglaze the pan. Stir continuously until the wine is fully absorbed by the rice.
Reduce the heat to medium-low. Add the warm stock one ladle at a time, stirring frequently.
Continue the process of adding stock and stirring for 18 to 20 minutes, until the rice is tender but retains a slight bite (al dente) in the center.
Remove the pan from the heat. Vigorously stir in the grated Parmesan cheese, the final 1 tablespoon of butter, and the cooked mushrooms until the risotto becomes thick and creamy.
Garnish with chopped fresh parsley and thyme. Season with salt and black pepper to taste, and serve immediately.