Despite AI’s potential to revolutionize all sectors, it is still a novel concept that lacks significant legal and regulatory frameworks. Hence, responsible AI needs competent governance for it to operate to its full potential while also mitigating blind spots. This necessitates a multifaceted approach that strikes the right balance between fostering innovation and implementing strong policy to mitigate risks.

The global AI policy and governance scene is currently a patchwork of efforts embarked upon by various countries and organizations. While some opt for a more laissez-faire approach to encourage innovation, others have been more proactive in forging guidelines and enacting laws. However, the foundation of any AI governance strategy should be rooted in principles of transparency, accountability, and fairness.

Transparency involves disclosing the working of AI systems and their decision-making process. Accountability comprises laws and ethical norms that hold creators and users of AI systems responsible. Fairness ensures unbiased decision-making by AI systems, particularly in critical sectors like justice, healthcare and employment.

To effectively navigate this complex landscape, it’s crucial to prioritize international cooperation. A unified, global approach will foster consistency and harmony between various national policies, thus locking in a framework that encourages innovation while safeguarding user interests. However, this presents a unique challenge given the differing cultural, economical, and political landscapes globally.

Striking a balance between AI innovation and regulation is a delicate act. Too much regulation may stifle innovation and economic growth; too little could result in exploitation, breaches of privacy, or harmful applications of AI technology. The goal should be to encourage the use of AI for the public good while still remaining cautious of its potential pitfalls.

Formulating regulatory frameworks for AI should begin by adopting broad, minimal guidelines and principles to ensure safety and fairness while retaining flexibility. Over time, these can be refined in response to emerging technologies and societal changes. In parallel, governments should also focus on fostering AI literacy among policymakers and the public to ensure informed decisions are made regarding AI use and regulation.

As the AI landscape continues to evolve, the regulatory landscape must keep pace. It's vital to continually reassess the adequacy and effectiveness of existing regulations and adjust them as needed. This will ensure AI technologies develop in a manner that is safe, beneficial and suits the needs of the society.

Moreover, AI policy and regulation should purposefully reach beyond technical aspects. It should also account for socio-economic factors, ethical considerations, and the potential global impact. Ultimately, the aim should be to utilize AI to its utmost potential, while protecting individuals and society from any adverse consequences.

A robust, adaptable, and globally consistent AI regulatory framework is one of the most pivotal governance challenges of our time. How we navigate these intricate complexities today will significantly shape the trajectory of our global future.