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In a medium saucepan, combine the clam broth and water and bring to a simmer. Keep warm.
In a large saucepan, heat the olive oil. Add the onion, season with salt and pepper, and cook over moderate heat, stirring, until softened, about 5 minutes.
Add the rice and cook for 1 minute, stirring to thoroughly coat.
Crumble the saffron into the wine and add it to the rice. Cook, stirring until the wine is absorbed.
Add 1 cup of the warm clam juice and cook over moderate heat, stirring constantly, until nearly absorbed.
Continue adding the juice ½ cup at a time and stirring constantly until it is nearly absorbed between additions.
The risotto is done when the rice is al dente and suspended in a thick, creamy sauce, about 20 minutes total. Season with salt and pepper.
Melt the butter in a large skillet. Add the shallot and cook over moderate heat until softened, about 2 minutes.
Add the shrimp and crab and cook until just heated through.
Scrape the seafood into the risotto and stir in the mascarpone. Serve immediately topped with parsley.