Bring broth to a boil over high in a medium saucepan. Reduce heat to low, and maintain a simmer. In a second medium saucepan, toast oil, rice, and shallots over medium, stirring often, 3 minutes (do not brown).

Add wine and saffron to rice mixture; stir until wine is absorbed. Add broth, 1/2 cup at a time, stirring often until each addition is absorbed before adding the next and maintaining a bare simmer over medium. After 12 minutes, taste often until rice reaches desired firmness. It should not be crunchy, but a firm center should remain. The cooking process will take approximately 25 to 30 minutes, depending on the age of the rice and the heat of your stove. Season with salt and pepper.

Remove from heat, and stir in beef fat until melted. Add cheese, and stir to combine. Serve in very hot bowls or soup plates. Garnish with more cheese, if desired.