When failure is bounded, risk taking is good. When it is systemic and unbounded, precaution is a must. To add to it, look at the Nassim Taleb classic — The Lucretius Fallacy — "The worst is called worst precisely because it has not happened yet".
Write about standard risk mgmt approach and compare with PP. (In paper)
Nassim Taleb, Rupert Read, Raphael Douady, Norman, Joseph, Yaneer Bar-Yam. (Unknown). Precautionary Principle