Peel the packaging off the condensed milk and place it into the Instant Pot inner pot. Pour over warm water until the condensed milk is submerged. Place the lid on the Instant Pot, set the valve to sealing and cook on manual for 40 minutes.

When it beeps manually release pressure and using tongs remove the can of condensed milk and put it to one side.

Pour out the boiling water and pat dry the Instant Pot.

Place the caster sugar, risotto rice and whole milk into the Instant Pot. Place it on the sauté setting and bring to the boil. Make sure you stir constantly to prevent burning.

Cancel the sauté once it has come to the boil. Place the lid on the Instant Pot, set the valve to sealing and cook for 15 minutes on manual with the low pressure setting.

After the Instant Pot beeps, leave it for 15 minutes before manually releasing pressure to prevent a milk explosion.

The condensed milk should have had long enough to cool now. Remove the lid and give it a quick stir.

Remove the lid on the Instant Pot after its extra 15 minutes and stir it a few times, adding the butter and the vanilla as you stir.

Finally add in the caramel, stir it all in and serve with a little sprinkled dark chocolate.