Preheat oven to 450°F.
Place slices of prosciutto on a baking sheet sprayed with cooking spray. Bake until crispy, about 8 minutes. ( the prosciutto will continue to crisp up as they cool) Set aside.
In a medium saucepan, bring stock to a simmer. Add the asparagus pieces and blanch for 1-2 minutes. Remove from broth and keep chicken broth at a simmer.
Heat oil in a large saucepan over medium heat. Add the shallot and cook until softened about 4 minutes. Add the farro and stir to coat with the olive oil. Continue to toast the farro for about 2-3 more minutes. Add the champagne and simmer until almost all the liquid has evaporated, about 2 minutes.
Begin to add the stock ½ cup at a time stirring after each addition until most of the liquid is absorbed. Repeat until farro softens but is still chewy, 25-30 minutes. ( you may not need all 5 cups but I generally use 4 cups at least )
Add asparagus, parmesan and parsley. Stir to combine. Taste and adjust seasonings adding salt and pepper.
Crumble the prosciutto and garnish the farrotto. Enjoy!