Bring the chicken broth to a simmer in a medium saucepan (do not boil). Keep the broth warm over low heat.
Heat oil in a large saucepan over medium heat. Add shallots, and sauté 1 minute. Add rice, and cook 2 minutes, stirring constantly. Add 1/2 cup broth, and cook until liquid is nearly absorbed, stirring constantly. Add remaining broth, 1/2 cup at a time, stirring constantly until each portion of broth is absorbed before adding the next. Stir in Caramelized Onions, salt, and pepper; cook 1 minute. Remove from heat; stir in parsley and cheese. Serve immediately.