Ask HN: Best practices for safeguarding master password in organization?

How does one protect a master password to a password manager? I am particularly interested in how this is handled in a small organization of under 10-50 people. You can share it among 2-3 top executives but ultimately doesn't there have to be someone who solely controls the changing and sharing of the password, and granting privileges? And what if that person gets fired or decides to become a malevolent actor? Is there any mechanism that would require multiple people to consent to a change in password and admin rights? Would be interested to hear how different organizations have dealt with this or if there are published industry standards on how to handle. Thank you.