Parrying is part of the class skill set of a Warrior and Hunter.
This skill is based on the ability to use the shield (Parrying).
When the skill is increased the shield protection from damage will increase as well.

Skill efficiency

Parrying increases physical protection from damage when the character is equipped with a shield.

Ways of leveling your skill

Your character must be equipped with a shield to use the skill.
It is not necessary to attack the opponent, the only requirement is to be attacked. For efficient use of the skill, it is recommended to be attacked by more targets.

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Here is a detailed video of how the skill is used: