In a large pot or Dutch oven, heat the olive oil over medium-high heat. Add the steak pieces and season with salt and pepper. Sear the steak for about 5-7 minutes until browned on all sides. Remove the steak from the pot and set aside.

In the same pot, add the chopped onion and sauté for about 3-4 minutes until translucent. Toss in the minced garlic and sauté for an additional 30 seconds until fragrant.

Pour in the beef broth and add the diced potatoes. Bring the mixture to a boil, then reduce the heat and simmer for 15-20 minutes until the potatoes are tender.

Stir in the heavy cream, followed by the shredded cheddar cheese. Mix until the cheese is melted and seamlessly incorporated into the soup.

Reintroduce the cooked steak into the pot and stir. Allow it to heat through for another few minutes.

Taste and adjust seasoning with salt, pepper, and paprika. Serve hot, garnished with fresh parsley if desired!