Joey Carabini, Charlie Smith, and Tom Glasgow have identified risks associated with filming their project "OTS Bears Rail" in an area of the Great Park in Old Windsor. The main risks include encountering wildlife like deer, dangerous weather conditions that could damage equipment, and improperly using props like knives and fake blood. However, they plan to minimize these risks by taking precautions like carrying a whistle to scare away deer, checking weather forecasts, covering knife blades when not in use, and having first aid supplies. Travel to the location poses little risk as there is a concrete path, and the secluded area means no traffic or public will be present during filming.