Combine flour, parmigiano and pepper in a mixing bowl.
Add grated butter to bowl. Using your fingertips, rub the mixture until it resembles bread crumbs.
Add olives and mix with hands until a dough forms.
Shape dough into a disc and wrap in plastic wrap. Rest in refrigerator for about 2 hours.
Remove dough from fridge and place on a piece of parchment paper or wax paper. Leave to warm slightly, 10-15 minutes.
Place another piece of paper on tip of disc and roll out to 1/4 inch thickness. Using a 2-inch straight edge biscuit cutter, cut discs and transfer to lined baking tray.
Sprinkle salt flakes and thyme leaves on top of each biscuit. Return to refrigerator while oven preheats to 375 degrees.
Bake biscuits for 15 minutes and remove from oven. Let cool on tray for 5 minutes. Transfer biscuits to wire rack to cool completely.