Pat the shrimp dry with paper towels and season with salt, black pepper, and smoked paprika.
Heat the olive oil in a large skillet over medium-high heat.
Add the shrimp to the skillet and cook for 2 minutes on each side until pink and opaque. Remove shrimp from skillet and set aside.
Reduce heat to medium and add the butter to the same skillet.
Once the butter is melted, add the minced garlic, chopped shallot, and crushed red pepper flakes. Sauté for 1-2 minutes until fragrant and shallots are translucent.
Pour in the chicken broth and bring to a simmer, scraping up any browned bits from the bottom of the skillet.
Stir in the heavy cream and bring the mixture to a gentle simmer. Cook for 3-4 minutes until the sauce thickens slightly.
Add the grated Parmesan cheese and stir 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 1-2 minutes to heat through.
Remove from heat and sprinkle with chopped fresh parsley.
Serve immediately over cooked rice, pasta, or with crusty bread.