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You don't say what the nature of the problem with the shields is. Are they black, or incorrect, or distorted, or what?
 
Please delete the folder Documents/paradox/ck2/gfx/ and let the game recreate it.
 
The same problem but from a different cause ... ?!?

Did you have to change game versions or use mods for this MP game?
 
Okkay, so if you start a new test game with no mods enabled, do you still have the problem?
 
Okay then; now delete that same /gfx/ folder and again start a new test game with no mods enabled, do you still have the problem?
 
No real idea then, this makes no sense at all.

Please do a full **clean** re-install:

- move any valued save games elsewhere
- "uninstall" in Steam-CK2
- manually delete both the Steam/SteamApps/common/CK2 AND Documents/Paradox/CK2 folders
- re-install game in Steam, run a Steam Verify when done.
- add ck2game.exe to the exceptions list of your antivirus app; ESPECIALLY if you have Windows Defender, add it to the Ransomware "Apps Allowed Through" list.
- start the game with no mods active and test

In particular make sure there are no files or folders left under either the Steam CK2 or Documents CK2 locations, before installing again.