In some companies they do have policies like that. But lets hope it will not be implemented seriously.
But before doing that let me ask you whether you have done competency mapping for the team, filled the skill gap by giving required training etc. And also mistakes may not only happen due to the employees, mistakes may happen due to wrong customer inputs, incorrect inputs from the team manager and so on. So instead of targeting any individual the target should be for the team. In many companies they do Why-Why analysis for any mistakes happened, immediate solution for the mistake, corrective action for the mistake not to occur in future and then identify the owner and even goto the extent of reducing the performance pay for the particular team if the cost of correction exceeds some x% of the total project cost. So many things to the considered in this. You can't hold the employee as scapecoat. You please discuss with the team managers and try to understand the type of mistakes happening, get a list of mistakes happended in past and the reasons behind the mistakes etc. Then you will be in a position to draft the policy. Draft it in such a way that it don't affect the business and the employee as well. Good luck.