Oversight is synonymous with missed opportunities. Opportunities are important, particularly those that you miss. If you have your wits about you, you will not miss anything. Oversight is not the end of the world. It just means that there are things you will never know. This is not because you have not been told, it is because you have chosen not to take notice of what is in front of your eyes each and every day.
Oversight stems from complacency, assumption and probably, arrogance. It occurs when a person is of the opinion that there is no need to check or re-check something because they either cannot be bothered, or they believe that things always tick as they were meant to tock. They do not believe that things can tock-tick, too, when that is necessary.
The tendency to use oversight is lazy. You cannot presume, let alone assume that things always run the way they have run in the past. Things have changed a lot, since the past. Oversight should be avoided. That does mean that reality can be complex from time to time, because you have to pay attention to change and make adjustments accordingly. That is proactive thinking, not reactive.