In a large skillet filled with about 4-6 cups of frying oil (peanut, vegetable, etc.) heat over medium-high heat to about 350° F.
While the oil is heating, add the shrimp, milk, salt, pepper, and paprika to a large bowl. Stir to combine and fully coat the shrimp.
Add the flour to a separate bowl and, working in batches, dredge shrimp into flour to coat fully then place onto a clean plate.
Once the oil is heated, drop shrimp into hot oil and fry for 2-4 minutes until shrimp are cooked through and coating is golden brown.
Remove shrimp from pan and place on paper towel lined plate.
Sauce
Make sauce by whisking together mayo, chili sauce, garlic, lime juice, sriracha, and red pepper flakes.
Serving
Drizzle sauce generously over cooked shrimp and toss to coat. Serve over a bed of rice and garnish with extra chili flakes and chopped parsley, if desired.