1. Cook beans in boiling water 2 minutes. Drain and rinse with cold water; drain. Remove tough outer skins from beans; discard skins. Cook peas in boiling water 2 minutes. Drain and rinse with cold water; drain well.
2. Bring Homemade Chicken Stock to a simmer in a small saucepan (do not boil). Keep warm over low heat.
3. Heat oil in a large Dutch oven over medium heat. Add shallots and carrot to pan; cook 4 minutes or until tender, stirring occasionally. Add rice and saffron; cook 1 minute, stirring constantly. Stir in wine; cook 30 seconds or until the liquid is nearly absorbed, stirring constantly. Add 1 cup stock; cook 4 minutes or until liquid is nearly absorbed, stirring constantly. Add remaining stock, 1/2 cup at a time, stirring constantly until each portion of stock is absorbed before adding the next (about 25 minutes total). Stir in fava beans, peas, and asparagus with last addition of stock. Remove from heat; stir in cheese, parsley, salt, and pepper.