1. Bring broth and water to a boil in medium saucepan. Reduce heat, add asparagus and simmer until tender but crisp, 5 minutes. Remove with slotted spoon to plate; reserve broth.
2. Meanwhile, heat oil in Dutch oven over medium heat. Add onions and garlic; cook 3 minutes. Stir in rice, salt, pepper and thyme and cook 1 minute, stirring, until grains are glistening. Add wine; cook until liquid is absorbed, about 2 minutes.
3. Set 1/2 cup of the broth aside in glass measure; return remaining broth to a simmer. Gradually add remaining broth to rice, 1/2 cup at a time, stirring constantly, until liquid is absorbed, 25 to 30 minutes.
4. Stir in reserved 1/2 cup broth, asparagus, peas and watercress. Remove from heat. Stir in cheese and 1 tablespoon parsley.
5. Spoon risotto into 6 serving bowls; sprinkle tops with remaining 1 tablespoon parsley. Serve immediately. Makes 6 servings.