In a medium saucepan, warm the chicken broth and water over medium heat.
Heat the olive oil in a large skillet or saute pan set over medium heat; add the shallots and cook to soften, about 1 minute. Add the rice, stir to coat with oil and toast slightly, about 2 minutes. When the rice has taken on a pale, golden color, add about 1/2 cup of broth to the rice and stir constantly until the broth is absorbed. Continue adding broth, about 1/2 cup at a time, stirring continuously until the liquid is completely absorbed between each addition. Repeat until the rice is soft and creamy, which will take about 45 minutes.
Once the rice is cooked to your liking, stir in asparagus, add white wine or vermouth and cook, stirring constantly, until the asparagus is cooked to your liking.
Stir in parmesan and smoked salmon; season with salt and pepper to taste and serve without delay.
Garnish with more smoked salmon, asparagus tips and grated parmesan cheese, if desired.