Adjust a rack to the upper third of the oven. Preheat oven to 400°F. Line a sheet pan with parchment paper or aluminum foil (spritz foil with cooking spray).
In a large mixing bowl, whisk the egg and mayonnaise together. Mix in the breadcrumbs, parmesan, parsley, garlic, salt and pepper to evenly distribute. Add the ground chicken and with clean hands, mix together until combined.
Divide the meat mixture into 12 equal portions. (You can eyeball it, or use a scale.) With clean wet hands, roll each portion into a ball and evenly space them on the sheet pan. Bake for 16 to 18 minutes, then turn on the broiler and broil for 2 to 3 minutes to brown the tops. (To make sure your meatballs are still hot when the risotto is finished, do not put them in the oven until you add the first ladle of broth to the risotto.)
Combine the broth and water in a large saucepan and bring to a simmer over medium heat; reduce to low to keep the broth warm. (You may not use all the broth, but reserve about one ladleful for the end to thin out the risotto if necessary.)
In another large saucepan or dutch oven, heat 1 tbsp of olive oil over medium heat. Add the asparagus and (fresh) peas; season with kosher salt and black pepper. Sauté for about 3 minutes depending on the size of your asparagus. (If using frozen peas, add them during the last minute just to defrost them.) Transfer the vegetables to a dish and set aside.
In the same pot, heat the remaining tbsp of olive oil over medium heat. Add the shallot and sauté for about 2 minutes until translucent. Add the rice; cook and stir for another 2 minutes until the edges of the rice become translucent.
Add the wine; stir and cook until the liquid has been absorbed.
Stir in about 1/2 cup of the warm broth at a time. Cook until all the liquid has been absorbed before adding more broth. Stir occasionally to prevent the rice from sticking or burning to the bottom of pot. Continue this process of adding broth, a little at time. (As it increases in volume, you may need to add more broth with each addition or adjust the burner down if it is cooking too quickly.)
After 15 minutes of adding broth, return the vegetables to the pot so they begin to heat through.
The rice should be al dente (firm in the center but not crunchy), at around the 18 minute mark. Take it off the burner and stir in the butter until melted.
Finally, stir in the grated parmesan. Taste and season with salt and pepper as needed. Stir in a more broth if the risotto is too thick.
Immediately divide the risotto between 4 serving bowls and top with meatballs.