Preheat oven to 350°. Line 2 rimmed baking sheets with parchment paper.
In the work bowl of a food processor, place flour, cheese, cold butter, salt, black pepper, red pepper, and paprika; pulse until combined. Add olives and pecans, pulsing until combined. Add milk in a slow, steady stream, pulsing until a dough forms.
Turn out dough onto a lightly floured surface. Using a rolling pin, roll out dough to a ¼-inch thickness. Using a 1¾-inch fluted round cutter, cut 60 circles from dough. Place rounds 2 inches apart on prepared baking sheets.
Bake until edges of wafers are lightly browned, approximately 15 minutes. Let cool completely on wire racks. Store at room temperature with layers separated by wax paper in airtight containers until ready to serve.
Recipe by TeaTime Magazine at https://teatimemagazine.com/cheese-wafers-recipe/