Melt butter in a large pot over medium-high heat. Saute green bell pepper and onion until tender, 5 to 10 minutes. Stir in milk, potato soup, and Worcestershire sauce. Let soup simmer, uncovered, for 15 minutes.
Heat a large skillet over medium-high heat. Add venison; cook and stir until browned and crumbly, 5 to 7 minutes. Drain and discard grease. Add venison to the soup; stir in corn. Season with pepper. Simmer until flavors meld, at least 15 minutes. Stir in cheese until melted.