In a large pan, heat 1 tablespoon of olive oil over medium heat. Add mushrooms and cook until they're soft and browned. Remove from pan and set aside.
In the same pan, add another tablespoon of olive oil. Add the Arborio rice and toast for about 2 minutes, stirring constantly.
If using wine, add it to the rice now and stir until it's mostly absorbed.
Begin adding the warm vegetable broth, one ladle at a time, stirring frequently. Wait until the liquid is almost fully absorbed before adding the next ladle.
Halfway through this process, add the asparagus.
Continue adding broth and stirring until the rice is creamy and just tender, about 20-25 minutes.
Stir in the cooked mushrooms and Parmesan cheese. Season with salt and pepper.
Serve warm, garnished with additional Parmesan if desired.