Chop the bacon and onion into small pieces.
Sauté the bacon in a pan to render the fat.
Add the onion and cook until it becomes translucent.
Add the rice and stir-fry together for 1-2 minutes.
Pour in the milk, water, and heavy cream and simmer over medium-low heat.
Season with salt and pepper.
Add cheese and stir until it becomes thick and creamy.
Serve in a bowl and garnish with parsley.