In a small sauce pan, bring the water to a bare simmer. Remove from heat and add the saffron.
Let steep 15 minutes.
In the bowl of a small mixer fitted with the paddle attachment, beat the butter until soft and
light, 2-3 minutes
Add the saffron water and mix for 1 minute, scrape down the sides and beat another minute. Remove and refrigerate.
In a wide shallow sauté or braising pan melt the butter and add the olive oil and onion. Sweat without coloring for 4-5 minutes
Add the rice and sauté without coloring for 3-4 minutes until heated through.
Add the wine and stir until it evaporates.
Add ¼ of the chicken stock and raise the heat until it simmers slowly. Continue stirring until almost all of the stock is absorbed.
Repeat step 4 until all of the stock is used. Taste the risotto-it should be almost fully cooked. Add more stock and stir until it is al dente.
Remove from heat and dump risotto onto sheet pan lined with parchment paper. Put in cooler and let chill one hour. Remove from pan and put into mise en place container.
In a sauté pan over medium high heat add 1/2 cup of chicken stock. Add 1 cup of risotto and stir to incorporate until it begins to simmer.
Remove from heat and add parmesan and saffron butter. With a small wooden spoon stir the risotto while shaking the pan back and forth to emulsify the cheese and saffron butter. Adjust seasoning and serve immediately.
While the risotto is reheating, sear off the scallops on both sides until light golden brown. Place in 400F oven until cooked through. Place on top of risotto and serve.