1. In a bowl, combine rice and water. Stir well. Cover and set aside for at least 3 hours or overnight. Drain, reserving liquid (see Notes).

2. In a heavy saucepan with a tight-fitting lid, heat oil over medium heat for 30 seconds. Add onion and pancetta, if using, and cook, stirring, until onion softens, about 3 minutes. Add paprika and black pepper and cook, stirring, for 1 minute. Add wine and cook, stirring, until liquid evaporates, about 5 minutes. Add stock and reserved soaking liquid and bring to a boil. Stir in rice and return to a boil. Reduce heat to low. Cover and simmer for 35 minutes.

3. Stir in red pepper. Simmer, uncovered, stirring occasionally, until liquid is absorbed and rice is tender, about 15 minutes. Remove from heat and stir in Parmesan. Serve immediately.

Variations

Risotto with Cabbage: Substitute 2 cups (500 mL) thinly shredded cabbage (preferably Savoy) for the roasted red peppers and ½ tsp (2 mL) dried thyme leaves for the paprika.

Smoked Cheese Risotto: Omit pancetta, paprika and roasted red peppers. Add 2 cloves minced garlic, along with the onion. After the rice is tender (Step 3), stir in 1 cup (250 mL) shredded smoked Gouda or mozzarella until melted, then add Parmesan.