Combine the chicken broth, water and ground saffron in a large saucepan. Cover and bring to a boil. Then reduce heat to low to keep warm.
Melt the butter in a medium pan over medium heat. Add the onion, mushrooms, garlic and shrimps. Saute until mushrooms are soft about 5-7 minutes, stirring frequently.
Add the rice and stir until glossy, about 1 minute.
Add the white wine and stir until rice mixture has absorbed all of the liquid, about 3-5 minutes. Then add 1/2 cup of broth mixture (stir enough to keep the rice from sticking to the bottom of the pan). Stir the rice often until rice has absorbed most of the liquid, about 3-6 minutes.
Continue adding broth mixture, 1/2 cup at a time, until absorbed.
Note: Wait until the broth mixture is almost completely absorbed before adding the next 1/2 cup. This process will take about 25-30 minutes. The risotto should be just cooked and slightly saucy but not soupy.
Remove from heat. Stir in the Parmesan cheese and season to taste with salt and pepper. Serve immediately.