In a medium saucepan, heat the chicken broth over medium-high heat until it reaches a simmer, then reduce the heat to medium-low.
Heat the butter over medium-high heat in a large sauté pan or dutch oven. Add the chopped shallots and sauté for about 1 to 2 minutes, or until the shallots are translucent. Add the minced garlic and cook for another minute, stirring constantly. Add the arborio rice to the pan and stir until coated with butter (add more butter if every grain is not coated). Stirring constantly, sauté the rice until it becomes translucent with an opaque center, about 2 minutes.
Deglaze the pan by adding the ⅓ cup of white wine. Allow the wine to simmer until it has completely reduced, stirring almost constantly. Stir in two tablespoons of buffalo sauce.
Ladle about ½ cup to 1 cup of the hot chicken broth into the saucepan at a time, allowing the rice to completely absorb the liquid before adding another ladle. Stir often to keep to risotto from burning and to give it a creamy texture.
After about 15 minutes, start tasting the rice for doneness. The rice should be served al dente - with just a little bit of bite. When the rice is almost done, add the parmesan. Add additional buffalo sauce, if desired. Salt and pepper to taste.
Garnish with crumbled blue cheese, green onions, and a drizzle of blue cheese sauce. Serve immediately.