It's not 'unsafe', but is potentially riskier. It is the traditional method, and history is on it'sits side
If these are for familypersonal consumption and you trust the source of the beans or oats, and you have good hygiene practices, clean water etc. then go ahead.
Surface bacteria is the mainprimary risk here. You normally wash and rinse the beans first, so most of this should be gone. Rolled oats are steam pressed and quite clean, not sure about cut oats?
For public consumption follow you local health laws, which will most likely require them to be under refrigeration.
In my experience refrigeration does not make much difference. I I wash and rinse, bring to boil, change water, and then refrigerate overnight.