Melt 2 tablespoons of truffle butter in a heavy pot over medium-high heat. Add the shallots and herbs and cook, stirring occasionally, until the shallots are just soft and beginning to take on color, about 4 minutes.
Add the rice and cook until it turns opaque and starts to make a slight popping sound, about 1-2 minutes. Add the white wine and cook until the wine is almost evaporated.
Add a pinch of salt and one cup of the boiling water. Stir continuously until all the water is evaporated. Repeat process with a second cup of water, once the water is evaporated, add the third cup of water. Cook stirring until almost all the water is evaporated. Taste the rice for doneness - it should have just a little firmness. If it is undercooked, stir in a 1/4 cup of water.
When the rice is just the right tenderness, about 20 minutes of total cooking time, remove from heat and stir in the remaining two tablespoons of truffle butter and cheese.