For the compote, heat the olive oil in a medium saucepan over medium heat. Add the shallot and cook, stirring occasionally, until tender and translucent, 2 to 3 minutes. Stir in the cherries and cook for a minute or two until they soften a bit, then add the red wine. Bring the wine just to a boil, then add the sugar and stir gently to help it dissolve. Reduce the heat to medium-low and simmer until the cherries are plump and the liquid has reduced to a glaze, about 20 minutes, stirring gently a few times. Set the compote aside until ready to serve.
Preheat an outdoor grill.
For the risotto, heat the olive oil in a large saucepan over medium heat. Add the onion and cook, stirring occasionally, until tender and translucent, about 5 minutes. Add the garlic and cook for 1 minute longer, then add the butter, stirring until it is fully melted. Add the rice and cook, stirring often, until it is evenly coated in the butter and lightly toasted, 1 to 2 minutes. Add 1 cup of the chicken stock and cook, stirring often, until the broth is almost fully absorbed, about 3 minutes. The liquid should simmer, not boil; reduce the heat if needed. Add another 1 cup of the stock and cook, stirring often, until that has been absorbed, about 5 to 7 minutes longer. Repeat with two more additions of stock, 1 cup at a time, and continue cooking until the rice is just tender and the liquid has reduced to a silky sauce. Total time will be about 25 minutes from the first addition of stock. Stir in the parmesan cheese and season to taste with salt and pepper. Set side, covered to keep warm until ready to serve.
Rub the salmon with a bit of olive oil and season with salt and pepper. Toss the asparagus spears with a bit of olive oil and season with salt and pepper. Grill the salmon until just a touch of translucence remains at the center, about 3 to 5 minutes per side depending on its thickness. Grill the asparagus alongside the salmon until lightly browned and tender, 4 to 6 minutes, careful to position the spears across the grates to avoid falling through (or use a grill pan if you have one).
To serve, spoon the risotto onto warmed plates, spreading it out a bit. Arrange the asparagus to one side on the risotto, and set the salmon on top. Spoon the cherry compote over the salmon, sprinkle with the thyme, and serve.