Combine the balsamic vinegar and honey in a saucepan and bring to a boil. Immediately reduce to a simmer and continue to cook, stirring occasionally, until the mixture is reduced by two-thirds, 20 to 30 minutes. Set aside to cool and thicken.
For the risotto:
Bring the vegetable stock to a simmer in a large pot. Place a large soup pot or Dutch oven over medium heat and add the oil. Add the onions and bacon and continue to cook, stirring occasionally, until the bacon and the shallots are soft but not caramelized, about 8 minutes.
Add the rice and a good sprinkle of salt. Stir until the rice becomes toasted, about 3 minutes. Add about 1 cup of hot stock to the rice at a time and stir slowly until all the stock has been absorbed and the rice is al dente, about 20 minutes. Stir in the parmesan and season with salt and pepper.
Divide among four shallow bowls and garnish with the chopped walnuts, a drizzle of the balsamic vinegar reduction and the olive oil. Serve
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