Gather all of your ingredients and equipment together so you have less time leaving your risotto while stirring. Dice your onion.
In a separate sauce pan, heat together your broth and water. If you don't have quite that much broth, you can add extra water. Bring to a simmer and leave over low heat.
Add olive oil and your cracked pepper to a dutch oven and cook your onion until soft. Add in the rice and about 1/2 cup of your broth mixture. Stir together well until the liquid is almost completely absorbed.
Add the remaining broth mixture about 1/2 cup at
a time, stirring constantly and waiting each time for the broth to absorb. This
takes approx 30 minutes.
Once you have used up all of your broth, add in your wine and stir just like before, until absorbed. Here you can also add your peas and pancetta.
Add your butter and parmesean cheese and mix together.