Heat oil in a large pot over medium-high heat.
Once the oil is hot, add the arborio rice, stir to combine, and sauté for 1 minute.
Pour in 1 cup of broth, stir to combine, and bring to a simmer. Simmer until the broth is almost completely absorbed, about 3-5 minutes, before adding another cup. Repeat until all the broth is absorbed.
Add the evaporated milk, stir to combine, and continue to simmer for about 10 minutes or until the rice is tender. The risotto will be a little loose and creamy, that’s perfectly normal.
Add the parmesan, stir to combine, and season to taste with salt and pepper before serving.
Optional Toppings: Heat 1 tbsp olive oil in a large skillet over medium-high heat. Once hot, add 3-4 cups of sliced mushrooms to the skillet and sear until golden brown, about 3-4 minutes. Add 4-5 cups of baby spinach to the skillet and continue to sauté until the spinach is just about wilted, 1-2 minutes. Add 2-3 minced garlic cloves, stir to combine with the veggies, and continue to cook for 1 minute more or just until the garlic is fragrant. Spoon sautéed veggies over the risotto before serving.