Grill the asparagus until char marks form. Cook bacon until crispy. (I grilled the bacon in a skillet on the grill but this can be done wherever it makes sense for you).
Risotto: Saute onion in oil and butter for 3 minutes. Add the rice, stirring for about 2 minutes until is covered in the oil/butter mixture. Stir in one cup of broth and let the rice absorb (I kept the pot on medium for a slow simmer). Continue cooking and stirring until liquid is absorbed before adding the next cup. Cook until all the stock has been used and the risotto has reached a creamy, starchy consistency.
Next, chop the asparagus stalks and bacon into small pieces. Reserve 1/4 cup of chopped bacon for garnish. Mix in the asparagus, bacon and cream cheese. When serving, garnish on the top with remaining bacon.
Season with salt and pepper to taste.