I'm not sure you understand... Per your own linked article, I should be able to have choices with a length up to 40. 

But in my table, the column is truncating the choice to 10 characters. See the COI Risk Level field in the background behind the Show u_coi_risk_level info box, showing Max Length of 10. Why is this happening?

Here are the choices in the Dictionary, with Medium Risk not being truncated.