Preheat the oven to 400F.
Heat olive oil in a large, oven-safe skillet over medium heat. Once the oil is hot, add flour, chicken broth, chili powder, paprika, cumin, garlic powder, salt and pepper to the skillet, whisking until no clumps of flour remain. Bring mixture to a simmer then let thicken for about 5 minutes, stirring occasionally.
Next, mix in the cooked and shredded chicken, green chiles, black beans, corn, and red peppers then cover and cook for an additional 5-10 minutes or until everything is heated through and hot, stirring every so often. Stir in the sour cream, milk, and tortilla chips until evenly distributed then remove skillet from heat.
Top the skillet with shredded cheese and place in the oven for 5-7 minutes or until the cheese is completely melted.
Garnish with freshly minced cilantro and extra sour cream then serve!