Pat the shrimp dry with paper towels and season with salt, black pepper, and smoked paprika.
Heat olive oil in a large skillet over medium-high heat.
Add the shrimp to the skillet in a single layer and cook for 2 minutes on each side until pink and opaque. Remove shrimp from the skillet and set aside.
Reduce heat to medium. Add the unsalted butter to the skillet.
Add the chopped onion and cook for 3-4 minutes until softened and translucent.
Add the minced garlic and crushed red pepper flakes, cooking for 1 minute until fragrant.
Pour in the chicken broth and stir, scraping any browned bits from the bottom of the skillet.
Add the heavy cream and bring the mixture to a gentle simmer.
Stir in the grated Parmesan cheese until melted and the sauce is creamy.
Return the cooked shrimp to the skillet and toss to coat in the sauce. Cook for an additional 2 minutes to heat through.
Taste and adjust seasoning with additional salt and black pepper if needed.
Sprinkle chopped fresh parsley over the top before serving.