There have been other discussions related to this "requirement" elswhere on this site:
Manual Translation procedure for the translation of our manuals into other languages
I would suggest, the following may be important aspects to consider if you write a formal process:
Supplier management - qualification and monitoring of any translation or translation validation services your company uses
Risk management - when translating labels, focus on the aspects of safe and effective use of the device and consider the user of the device (for example is the device for home use or professional use or both). Durinig product development, can symbols or human factors engineering mitigate risk of a device being used by different language groups?
Validation of translations - most translation service providers, even those that have some specialization in medical technology will not provide the best translations on first pass. This is often due to literal translations of common terms that may have specific meaning when used in the context of your device. It is common to use post transation reviewers who both speak/read the translated language fluently and who are familiar with the technology/medical speciality of the medical device.
Most importantly, don't go to translation until your "native" language labeling has been optimized in terms of risk management and validation. Investing the time in developing concise, effective, easy to use labeling should lower both translation costs and improve the quality of the translations.
Best of luck.