There are a number of different naming conventons used. It depends on what the local CAA dictates.
In N. America they just use unique 5 character names obtained through the ICAO ICARD database.
But in Australia for example they use a site based 5 character process. The first 3 are the site ID. The next character represents the direction from which the approach starts (i.e. "E" if from the East, "N" from the North). The character is for the specific waypoint. The initials are A, B, or C. The intermediate is I, and the Final F. The missed approach waypoint uses M, and the holding waypoint uses H. So CLQEA would be the Cape Leveque East (Rwy 31) initial (Right) approach waypoint. The missed approach waypoint is CLQEM, and missed approach holding is CLQEH.
Clear as mud?