What we currently have is an outsourced Mod staff called Metaverse. They take their direction from Keyru and Riot staff, but operate mostly on their own unless something strange requiring higher authority comes up. The problem is that the mods are not very visible, don't participate actively in the community, and can be easily manipulated since the subjects they have authority to take independent action on are very limited. In most cases, a post requires several reports before its brought to mod attention, meaning that the report function can also be used to manipulate the mods into taking action provided the person has questionable moral qualities and a slew of smurf accounts.
What I and many others have suggested for several years now is perhaps having community player mods for the boards. There are drawbacks and benefits to this concept as well and many of the aspects of 3rd Party moderation, Riot staff moderation, and Community Member mderation have all been discussed at length, most commonly on GD in various threads over the last few years with an increasing interest in Community Member moderation the last 6 months or so. There are many, many board goers who will engage on this topic and suggest ideas, and my hope is that since we have seen some success with the Arbiter program we might try to implement other forms of Community Member participation. Using the search function will bring up several threads regarding the topic and several more can be found if you choose to cruise around the forum archives. Should this thread attract enough attention I will search up several past discussions among the playerbase and some involving riot staff and link them here.
Moderation of the boards certainly could stand to improve, the problem so far has been that finding a superior solution to what we already have has been difficult as each new idea presents its own unique flaws and advantages. In any case, discussion on this topic is always welcome and is an excellent idea and I will certainly encourage it as I have addressed this topic countless times over the years and the best bet for improving our situation here is to constantly analyze what we like and dislike and what we want from our boards experience.
Thanks for posting this OP, you've done us all a service by bringing this topic up.