In a fry pan over medium-high heat, cook the pancetta until crisp, 5 to 7 minutes. Using a slotted spoon, transfer the pancetta to a paper towellined plate. Pour off all but 1 Tbs. of the fat from the pan and return the pan to medium heat. Add the shallots and cook until tender but not browned, 5 to 7 minutes. Remove the pan from the heat. In a large bowl, whisk together the eggs, salt, pepper, cheese and parsley. Stir in the pancetta and shallots. In the deep half of a frittata pan over medium-low heat, warm the 1 Tbs. olive oil. Add the egg mixture and cook until the eggs begin to set, 8 to 10 minutes, stirring occasionally with a rubber spatula during the first 2 minutes of cooking. Place the shallow pan upside down on top of the deep pan and flip the frittata into the shallow pan. Cook, covered, until the eggs are completely set, 7 to 10 minutes. Gently shake the pan to loosen the frittata and slide it onto a serving plate. Let stand for 10 minutes before slicing.