Managing colors in Camera Raw or Lightroom is very simple because everything is planned and often automated.
The ICC profile is automatically assigned when the RAW file is opened (if your software is up to date). However, it is very easy to change it after the fact for a custom profile that you would have made yourself (... or not).
The white balance on a chart is close (or not at all) on the sample photo is very simple from a RAW file.
The conversion can finally be done to a larger color space than Adobe RGB: ProPhoto. In 2018, choose sRGB or ProPhoto according to your needs but avoid Adobe RGB whose interest is zero compared to ProPhoto.
If you choose ProPhoto, also choose the 16-bit mode preferably although you will not often see the difference with the 8-bit except to do heavy processing on your images.
And all this with a minimum of loss in the photo. The final result can far exceed the quality of a Jpeg file directly developed in your camera.