Brown the beef and veggies: Heat the oil in a large skillet with a tight-fitting lid over medium-high heat. Add the onion, bell pepper, and beef. Cook, stirring occasionally and breaking up the meat, until the beef is no longer pink and the vegetables are tender, 7 to 9 minutes. Drain off excess grease.
Cook the tomato paste: Stir in the tomato paste and cook for 1 minute.
Add the liquid and seasonings: Add the water, diced tomatoes with their juices, corn, chili powder, salt, sugar, Worcestershire sauce, garlic powder, and pepper. Bring to a boil.
Simmer the rice: Once boiling, reduce the heat to low, stir in the rice, and cover. Cook for 18 to 20 minutes, until the rice is tender, adjusting the heat to keep a gentle simmer.
Fluff and check: Remove the lid and fluff the rice with a fork. Most of the liquid should be absorbed. If it's too wet, simmer uncovered for a couple more minutes.
Add the cheese: Remove the skillet from the heat. Taste and add more salt and pepper if needed. Sprinkle the cheese on top, cover, and let it melt for 1 to 2 minutes. Garnish with parsley and serve.