Set electric pressure cooker to Brown/Saute function.
Saute onion in melted butter to brown slightly, about 3 minutes. Add in rice and stir to coat in butter. Add bay leaves, salt, pepper and chicken stock. Stir. Cover with lid and rotate to lock, valve closed. Select "Rice/Risotto" cooking function, 6 minutes of cook time, high pressure and then "start".
Once the cooking time has completed, open valve to release pressure entirely. Remove lid. Stir rice for about 60 seconds (will seem a little soupy, but is totally normal!)
Stir in heavy cream and parmesan cheese. Let risotto sit 10-12 minutes uncovered to thicken. Serve hot.