Pour vegetable stock, mushroom soup and water into a medium sauce pan. Place over medium heat, stir well to combine and bring to a simmer.
Chop onions, mushrooms, carrots and garlic.
Place an additional stockpot over medium heat. Add the butter and olive oil, when bubbly add the onions, mushrooms and carrots. Season with salt, pepper and red pepper flakes. Sauté over medium heat for five minutes to soften the vegetables.
Add the garlic and Arborio rice and sauté for another minute. Stir the rice, coating all the grains of rice evenly with the butter and oil.
Add the wine to deglaze the pan while continuing to stir the vegetables and rice. When the liquid begins to evaporate, start adding in the stock, 2-3 ladles at a time. You'll want to keep the rice mixture at a light bubble and stir it constantly. Stirring it will release the starches in the rice and thicken the soup. Every time it looks like the liquid is nearly absorbed, add a couple more ladles of stock, about every 4-5 minutes. Finish by adding in the remaining liquid. It will take 18-20 minutes for the rice to be done.
Finish by adding in the parmesan cheese and if desired a sprinkle of parsley