Prepare the Broth: In a medium saucepan, heat the chicken or vegetable broth over low heat. Keep it warm while you prepare the risotto.

Sauté the Aromatics: In a large, heavy-bottomed pot, heat the olive oil and 1 tablespoon of butter over medium heat. Add the finely chopped onion and cook until translucent, about 5 minutes. Add the minced garlic and cook for another minute until fragrant.

Toast the Rice: Add the Arborio rice to the pot, stirring constantly to coat the grains with the oil and butter. Toast the rice for about 2-3 minutes until it's lightly golden and has a slightly nutty aroma.

Add the Wine: Pour in the dry white wine and stir until it is fully absorbed by the rice.

Gradually Add Broth: Begin adding the warm broth one ladleful at a time, stirring constantly. Allow each addition to be absorbed before adding the next. This process should take about 20 minutes.

Cook the Scallops: While the risotto is cooking, heat the remaining tablespoon of butter in a separate pan over medium-high heat. Add the bay scallops, season with salt and pepper, and cook until they are opaque and slightly golden, about 3-4 minutes. Set aside.

Finish the Risotto: Once the rice is creamy and tender, stir in the grated Parmesan cheese and heavy cream. Add the cooked bay scallops and mix gently to combine. Season with salt and pepper to taste.

Serve and Garnish: Spoon the risotto into serving bowls, sprinkle with fresh parsley, and serve with lemon wedges on the side.