Heat oil over medium high heat in a large deep sided skillet.
While the oil heats up, season chicken all over with 1/2 of the salt, 1/2 of the pepper, cumin, chili powder, garlic powder, and paprika.
Add chicken to the pan and brown on all sides until no longer pink, approximately 7 minutes. Drain and remove to a plate. Set aside.
Melt butter in the same skillet. Add onion, peppers, and garlic. Saute for 1-2 minutes or until fragrant. Add rice mixing well so that all ingredients are evenly distributed. Lightly toast the rice stirring frequently, being careful not to burn it.
Add wine to the rice, deglazing the pan and scraping the browned bits from the bottom for flavor. Stir frequently until the wine has evaporated.
When the wine has evaporated, add 4 cups of the chicken broth one cup at a time, stirring very frequently until each cup is absorbed. This is important so that the arborio rice creates its own starchy sauce. Make sure you add the broth slowly and stir well.
After you've added 4 cups of the broth, add the chicken, rotel and black beans to the risotto. It will take longer for the liquid to absorb in this step.
Add the remaining broth 1 cup at a time, stirring frequently. The rice should be done after about 25 or 30 minutes, but you should begin taste testing it around 20 minutes. The rice should taste slightly chewy when it's done, but not crunchy or gummy.
When it's done, remove the pan from the heat, add remaining salt and pepper and cheese. Mix well until seasonings and cheese are fully incorporated.
Serve hot and enjoy!