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It goes beyond oversight, it needs to be a flat structure, where no one person has authority over any other person. It's not enough to create three groups, give them all power, and have them all watch over each-other, for example, because that would also inevitably lead to corruption. The only thing that can guarantee freedom, peace, justice, and equality for all requires the abolition of all power structures. We need anarchism.
But I can assert power over you by threatening you with a baseball bat. If I get a group of buddies with bats, we become the power structure.
You can't eliminate power structures forever, they arise spontaneously in a population. You can't abolish power structures because abolition requires a power structure to enforce.
The best you can do is devise power structures with multiple layers of accountability. So long as some people are bigger, stronger, meaner than others, power imbalances will exist. If you don't have a structure to regulate those imbalances, warlords and mafiosos will make their own.