Definition of the word: Oversight
Oversight - The act of looking over something only inasmuch as that something is assuredly and entirely overlooked. If you are a member of an oversight committee, which most of the elite few who are lucky enough to be permitted the grace of literacy are, you are responsible for overseeing something, which is to say, looking right over the top of it and not actually looking at it directly due to the very real feelings of fear that accompany such a potentially deadly action.
In rare instances where oversight accidentally becomes of-sight, it can be a very dangerous situation for everyone involved. The policies, programs, companies or governing bodies that are thusly accidentally seen may automatically self-destruct, and the person acci-intentionally seeing the actions, activities or behaviors of such a group may immediately go blind and/or die, usually under particularly suspicious circumstances, such as suicidal bullet to the back.
For an example of this word used in context, read this page.