For the Vegetables: Preheat the oven to 400 degrees F.
Toss the carrots, turnips, beets, thyme sprigs and garlic in a roasting pan with the olive oil. Season generously with salt and pepper. Roast, stirring occasionally, until tender, about 30 minutes. Peel the beets. Keep the vegetables in the turned-off oven until the risotto is ready.
For the Risotto: Bring the chicken broth to a simmer in a medium saucepan, over medium-high heat. Reduce the heat so the broth simmers gently.
Heat the olive oil in a large pot or Dutch oven over medium-high heat. Add the pancetta and cook until slightly crispy, about 3 minutes. Add shallots and cook stirring, until tender, about 1 minute. Add the rice and stir until it is glossy, about 1 minute. Add the salt. Add 1 cup of the Barolo and cook, stirring constantly with a wooden spoon, until it is absorbed by the rice, about 2 minutes, scraping up any brown bits on the bottom of the pot. Ladle in about 1/2 cup of the simmering broth and stir constantly, until the rice again absorbs the liquid, adjusting the heat to maintain a gentle simmer. Continue ladling in about 1/2 cup of broth at a time, stirring between additions and letting the rice absorb the liquid before adding more.
When rice is al dente, after 20 or so minutes of cooking time, stop adding broth. Stir in the remaining 1/2 cup wine until just absorbed, then stir in the grated Parmesan and the butter. Season with salt and pepper, to taste. Let the risotto rest off the heat for a minute or so before serving. Divide among warm shallow bowls and top with the roasted vegetables. Shave black truffles over the top, or drizzle with a bit of truffle oil, if using.
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