Place the chicken broth in a saucepan and bring to a simmer. Reduce the heat to low and keep warm.
Cook the bacon strips in a sauté pan or other shallow pan over medium heat until crisp. Transfer to a paper towel-lined plate, reserving the bacon drippings in the pan. Crumble half the bacon and reserve the remaining pieces for garnish.
Season the shrimp with salt and black pepper. Add to the bacon drippings and cook for 1-2 minutes per side, or until just shy of cooked through. Transfer to the plate with the bacon. Wipe out the pan if necessary.
Heat the butter and olive oil in the pan over medium heat. Add the onion and cook for 4-5 minutes or until softened, being careful not to brown it.
Add the red bell pepper and cook for 2-3 minutes, or until it begins to soften.
Add the garlic and Arborio rice. Cook for 1-2 minutes, stirring constantly, until the rice is lightly toasted and translucent around the edges but still opaque in the center.
Add the wine and cook, stirring, until almost completely evaporated.
Add the warm chicken broth about one ladleful at a time, stirring frequently. Allow each addition to be almost absorbed before adding the next. Continue until the rice is creamy and al dente, 18-20 minutes. (You may not need all the broth.)
Stir in the corn during the last 2-3 minutes of cooking. Stir in the crumbled bacon, heavy cream, cayenne pepper, Asiago cheese, and parsley. Add the shrimp and gently stir just until heated through and fully cooked.
Adjust the seasoning with salt and black pepper. If the risotto is too thick, stir in a little more warm broth; it should be creamy and loose enough to flow slightly when spooned onto a plate.
Serve immediately, garnished with the reserved bacon and additional Asiago cheese, if desired.