VP wants to Secure Network Admins from sensative data

My supervisor, the company Vice President, wants to know what other companies do to control their network administrators accessing data they should not see. He has suggested purchasing software to log the admins access to sensitive data. I am one of two network admins. Each would report on the other’s activity to the VP. He also suggested that the admins should login with a limited user account when performing “normal” work, like writting proposals, documentation, etc. Does anyone have any similar experiences and what are they?