In a large saucepan, heat olive oil over medium heat. Add the chopped shallot and sauté until translucent.
Add Arborio rice to the pan and stir to coat the rice with oil. Cook for 1-2 minutes until the edges of the rice grains start to look translucent.
Pour in the white wine and cook until the wine is mostly absorbed, stirring constantly.
Add hot chicken broth to the rice one ladle at a time, stirring frequently. Allow the broth to be absorbed before adding the next ladle. Continue until the rice is creamy and al dente, about 20-25 minutes.
Stir in the butter and Parmesan cheese until melted and well incorporated. Season with salt and pepper to taste.
Add the cooked and chopped lobster meat, folding it gently into the risotto. Heat until the lobster is warmed through.
Serve immediately, garnished with additional Parmesan cheese and black pepper if desired.