Cut sausage into ½” cubes; set aside. Bring broth to a boil in a 2-quart saucepan. Reduce heat to low to keep broth hot.
Heat oil in a 4-quart pan over medium-high heat until hot. Add sausage, onion and mushrooms. Cook, stirring frequently, 3-4 minutes or until sausage is lightly browned.
Add butter and rice. Cook, stirring constantly 2 minutes. Stir in wine; cook until liquid has almost completely absorbed.
Stir in ½ cup of heated chicken broth. Cook, stirring constantly until liquid is absorbed. Add remaining broth, ½ cup at a time, stirring constantly until each portion of broth is absorbed before adding the next (about 20 minutes total).
Remove from heat; stir in asparagus, 1/3 cup of Parmesan and parsley. Add salt and pepper to taste. Sprinkle top with remaining Parmesan cheese.