Cook the shrimp: Season shrimp with salt, pepper, and paprika. Sauté in 1 tbsp butter over medium-high heat until just cooked, about 1–2 minutes per side. Remove and set aside.
Sauté aromatics: In the same pan, lower heat to medium. Add remaining butter, then onion. Cook until soft and translucent, about 2–3 minutes. Add garlic and cook 30 seconds until fragrant.
Toast the rice: Stir in Arborio rice, coating each grain with butter. Cook 1–2 minutes until edges look translucent.
Deglaze with wine: Pour in white wine and stir until reduced, about 3-5 minutes.
Cook the risotto: Add warm chicken broth one ladle at a time, stirring frequently, letting each addition absorb before adding the next. Continue 18–22 minutes until rice is tender but still slightly firm.
Finish the dish: Stir in Parmesan, thyme, and adjust seasoning with salt and pepper.
Serve: Spoon risotto onto plates, top with cooked shrimp, garnish with extra Parmesan or thyme if desired, and enjoy!