Are there signs you might have missed initially or has the phenomenon you describe erupted suddenly?
Conduct and performance rarely deteriorate instantly. Does the team member that you refer to report to you directly?
How often do you have contact with the said team member?
A member of my team has lately become casual with deadlines and general conduct. At what point should I crack the whip? I neither want to be too strict nor too tolerant. How would you advise me to handle him?
Over time, there is bound to be some fluctuations in the productivity and conduct of team members. It would be unusual to find team members whose feet never slip occasionally, including those who bring the best effort to bear on their work. This notwithstanding, a situation in which team members become sloppy for lack of applying themselves sufficiently should be a source of concern and a target for disciplinary attention.