The precautionary principle can't be satisfied. Also, its application is extremely political. For example, it should applied to folks who might become parents.

Note that the precautionary principle is typically invoked by folks who don't don't have much skin in the game and don't understand what their costs and benefits are.

Note that regulation is the best example of systemic risk not to mention the inevitable corruption.

This is not to say that "ethics codes" are good and effective.

There is no silver bullet.