Heat the oil in a 4-quart saucepan over medium-high heat. Add the chicken, chili powder, cumin, onion and pepper and cook until the chicken is cooked through and the vegetables are tender, stirrring often.
Stir the soup, water, corn and beans into the saucepan and heat to a boil. Reduce heat to low. Cover and cook for 5 minutes, stirring occasionally. Sprinkle with cheese.