Melt the butter in a pan and then add the chopped shallot; after a minute, add the smoked pancetta and let it brown.
In the meantime, cut the radicchio into thin strips, add it to a pan, and let it wilt.
At this point, add the rice, toast it for a few minutes, then deglaze with red wine. Once the wine has evaporated, continue cooking the risotto by adding one ladle of broth at a time, allowing the previous one to be absorbed before adding the next, until fully cooked.
When the rice is cooked, and the risotto has a creamy, flowing consistency, turn off the heat. Season with salt, add pepper, and stir in a knob of butter and Trentingrana cheese.
Plate the dish and serve, garnishing with a few tender radicchio leaves.