This is a complex issue but this article by GPI covers the essentials - the things you ought to know if you are just starting out with the gnarly challenge of globalising your content.
The issue is complex because you need to truly understand how global content will be maintained, tagged and managed in the CMS, and how locale content will be integrated with it. Add in the challenges of workflow, multiple languages, multiple audiences, multiple platforms and adaptive content/responsive design, and the whole thing becomes quite difficult to get your head around. And finally you'll have local country sales and marketing people with their own "but my country is different" requirements, just to really put you off doing it altogether.
The answer is a really well thought-out content strategy and a close working relationship with the guys who are building the CMS. Design is in there too, but not leading. Translation is actually the least of your worries. If anything, localisation is more important.
Ok, this article is massively over-simplified, and it doesn't actually tell you what your content strategy should contain, but it's a start. I feel an article of my own coming on...