In a large, heavy pot, fry the bacon until crisp. Remove and drain on a paper towel. Pour off grease, reserving 1 tbsp in the pot.
To the hot bacon grease, add the minced shallot, bell pepper and garlic. Saute until soft - about 2 minutes. Add the rice and stir to make sure each kernel of rice is coated with grease. Cook for 3 minutes.
Add the chicken stock, about 1/2 cup at a time, to the rice. Bring up the heat to medium high and make sure each addition of stock is thoroughly absorbed before adding more. This process should take about half an hour - don't rush it!
When all the stock has been absorbed, add the corn, cream, salt and pepper. Stir well. Serve risotto with bacon on top.
This can be made ahead and reheated. Just add additional chicken stock to the pan while reheating.