In a medium-sized saucepan, add canola oil and bring to medium-high heat. Add onions, garlic, and red bell pepper, sautéing until lightly caramelized, about one minute.
Add tomato paste to pan and saute until fragrant, about 1 minute. Add chopped tomato, Worcestershire sauce, smoked paprika, kosher salt, and ground black pepper to pan and continue to sauté until the tomato starts to break down and get soft, about 3 to 4 minutes. Reduce heat to a simmer and cook for an additional 3 to 4 minutes.
Remove contents from heat and finely blend in a food processor. Set aside.
In a clean medium-sized saucepan, add olive oil and butter over medium-high heat.
Add Arborio rice to pot and stir until slightly nutty and translucent, about one minute.
Add puréed tomato/pepper mixture and 1 cup chicken stock to rice and bring to a boil, then reduce to medium heat.
Add one cup of stock each time the Arborio rice absorbs almost all the broth, about 3 to 4 minutes. Continuously stir risotto each time stock is added to rice.
Keep adding stock until risotto is al dente and still viscous, then stir in parsley, Parmesan cheese, and season to taste with salt and pepper, if needed.