In a large bowl, beat the butter until creamy.
Gradually add powdered sugar and cocoa powder, beating until well combined.
Add heavy cream and vanilla extract. Beat on high speed for about 2-3 minutes, until the frosting is light and fluffy.
Place one cake layer on a serving plate. Spread a layer of caramel sauce over the cake and sprinkle with 1/3 cup of chopped pecans and 1/3 cup of chocolate chips.
Place the second cake layer on top and repeat the process with caramel sauce, chopped pecans, and chocolate chips.
Place the third cake layer on top. Spread a thin layer of chocolate frosting over the entire cake (crumb coat) and refrigerate for 30 minutes.
Apply the remaining frosting evenly over the cake, smoothing the sides and top.
Drizzle the top of the cake with caramel sauce, allowing it to drip down the sides.
Sprinkle the top with chopped pecans and chocolate shavings, if desired.
Refrigerate the cake for at least 1 hour before serving to allow the flavors to meld.
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