The definition of oversight is a blunder through negligence, laxity and inattention. In government, however, oversight is the careful monitoring of actions which may lead to blunders, lapses, and slip-ups. It is one of the paradoxes of the English language that a word can mean both the flub and the supervision to prevent it from occurring.
Oversight is the protective observation that can stop actions from causing grievous harm and it is also the sloppy failure to notice when such actions occur. Overlooking the obvious is not an oversight, but a sin of commission, in my view.
As citizens, a people, in a democratic republic, we are obligated to keep a very close watch on our rights, liberties, and privileges. As the governed it is our duty to insure proper oversight of government and public institutions.