Press Sauté; heat oil in Instant Pot. Add shallots; cook and stir 2 Minutes or until softened. Add mushrooms; cook and stir about 6 Minutes or until liquid evaporates and mushrooms begin to brown. Add garlic; cook and stir 30 Seconds. Add rice; cook and stir 1 Minute. Add Madeira; cook and stir 1 Minute or until almost evaporated. Stir in broth, salt and pepper; mix well.
Secure lid and move pressure release valve to Sealing position. Press Pressure Cook or Manual; cook at High Pressure 6 Minutes.
When cooking is complete, use quick release.
Press Sauté; adjust heat to low. Cook about 3 Minutes or until risotto reaches desired consistency, stirring constantly. Stir in cheese, parsley and butter until blended.