Cut the asparagus into 1-inch lengths. Bring a large saucepan of salted water to a boil. Add the asparagus. Cook over high heat until tender about 5 minutes. With a slotted spoon, transfer the asparagus to a large bowl or plate.
Add the orzo to the boiling water, cook, stirring occasionally until al dente, about 10 minutes.
Meanwhile, in a medium skillet, melt the butter over medium-high heat. Reduce the heat to medium and cook until the butter begins to brown. Add the shrimp, season with salt and pepper and cook over moderate heat until pink and curled, about 1 minute per side.
With a slotted spoon, remove the shrimp to the asparagus bowl. Remove skillet from heat, reserving the brown butter.
Drain the orzo, reserving 1/2 cup of the cooking water. Add drained orzo to the brown butter skillet. Set the skillet over high heat and add the chicken stock, scraping up any browned bits stuck to the bottom of the pan.
Pour the reserved 1/2 cup cooking water into the orzo, cook over moderate heat, stirring until creamy, about 2 minutes.
Return asparagus and shrimp to the skillet; cook until heated through.
Remove from the heat. Stir in the parsley and the 1/2 cup of Parmesan; season with salt and pepper. Transfer the risotto to bowls and serve with more Parmesan.