In a stand mixer with the whisk attachment, beat shortening and water until light and fluffy, about 2–3 minutes.
Add powdered sugar and pudding mix, mixing on low speed until combined.
Pour in melted white chocolate, then beat until smooth. To avoid clumps, add while warm and stream in while the mixer is running.
Mix in cheesecake flavoring and salt. Taste and adjust.
If you prefer a thinner frosting, add water one tablespoon at a time until desired texture is reached. For a thicker frosting, add more powdered sugar.