the current scripting affair

Hello I am newer to the game and am really enjoying it, I was a csgo player for quite some time but because of cheaters and other frustrating changes to the game I have stopped. It is well known that in the csgo community playing against hackers is going to happen, not to often but still a guarantee. So I am curios how Riot handles these issues. I know that every once in a while a vac ban will go out and then get a good amount of hackers but after that they have free reign until an eventual report in csgo. I was watching one of my favorite streamers recently and watched a game against a xerath that was then deemed to be scripting/hacking and then he reported him. Nothing seemed to happen and he just went on playing for quite some time with me following his account to see how long his account would still work. So really my question is does riot games have anything similar to vac bans or do they just wait to get x amount of reports before they look into it. I have been looking for this info but could not find it. I hope someone has the answer I apologize if this is already popular topic I might just be looking in the wrong places.