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Preheat the oven to 350 degrees F.
In a large Dutch oven over medium heat, render the pancetta until slightly crispy. Remove and reserve. Dry off the meat with a paper towel and begin to brown it in the same pan over medium-high heat for 2 minutes per side; remove and reserve.
Reduce the heat to medium, add the shallots, carrots, garlic and 1/2 teaspoon salt and sweat until slightly caramelized and the vegetables start to release their aromas, about 4 minutes. Add the coriander, thyme and bay leaves, and continue to sweat for 1 minute.
Add the beef back in along with the pancetta. The liquid should be about three-quarters of the way up the meat. Baste the meat with the liquid, top with a lid and place in the oven until tender, basting every hour, for 3 to 4 hours.