Dear Utkarsh,
You have suggested a fancy name like Avenger, Iron Lady and so on. Nevertheless, if the very award winner commits some major mistake then it would embarrass not just the recipient of the award but to the senior management as well.
In one of the companies, I have seen that for a major goof up, more than the recipient, other staff members ridiculed the senior management for giving such award. On the another side, the goof up of this person put the senior management in dilemma. The situation did not merit withdrawal of the award but neither such mistake was expected from the awardee as well.
To avoid the above situation, in some companies, a performance based reward is given. For example, in one of the factories, a worker is rewarded for the production of first 100 defect free pieces, then 1,000 and then 10,000. Notwithstanding such awards, if worker were to be involved any misconduct, it becomes easy to take disciplinary action him.
Thanks,
Dinesh Divekar