Pat the chicken dry with paper towels, then cut into bite-sized pieces. Season lightly with salt and black pepper.
Heat olive oil and butter in a large deep skillet over medium-high heat. Add the chicken and cook for 4 to 5 minutes, stirring occasionally, until lightly golden. The chicken does not need to be fully cooked.
Add the diced onion and cook for about 3 minutes, until softened. Stir in the garlic, paprika, and garlic powder and cook for about 30 seconds.
Add the rice and stir for about 1 minute to lightly toast it.
Pour in the hot chicken broth and heavy cream, stirring to combine. Bring to a gentle simmer.
Cover the skillet, reduce heat to low, and cook for 18 to 20 minutes. Do not lift the lid while the rice cooks.
Remove the lid, stir in the Parmesan cheese, and simmer uncovered for 2 to 3 minutes until the sauce thickens.
Remove from heat, garnish with fresh parsley, and serve warm.