What are the proper steps to color correct BRAW footage?

BM Braw plugin and Autokroma Braw plugin are both good options.

Autokroma will not work if BM is installed.

Presets are good, but conditions will change from one shot to another.

The image below shows the options for the Blackmagic Design BRAW plugin. Not sure if the Autokroma BRAW plugin is better or not. As Richard stated the adjustments are master clip adjustments and will affect all instances of the clip that are added to the sequences. 

Richard has a good response.

I use the Autokroma BRAW plugin which allows creating quite a number of presets. I've created a few basic ones that I use depending on the project. I'll use a preset on all files of a project.

The work on RAW or log files for normalization is simply to "normalize" to a standard, neutral color/tonality with no crushed or clipped values and to get color balance and saturation to "normal".

"Normal" of course would be to get things similar to the other media your project uses. Then do your color grading process as normal.

Neil

Step one is to go to the Source tab in the Effects control panel, where you can adjust the raw codec settings. Most notably, you can apply the built-in LUT tailored for BMD cinema cameras. You may need to do basic adjustments such as color temperature, exposure and contrast.

Usually, this brings the color correction upto 95-100% of where I like it to be. However, if you still wish to do further correction or grading, apply the Lumetri color effect to the clip, or start by tweaking some adjustments in the color workspace.

Bear in mind that making adjustments to the source level, will color correct the entire source clip, irrespective of how many times they appear in an edit in your sequence. This type of color correction is usually done to take an entire clip to the right base level. Lumetri color is a clip specific effect, although you may also apply that to a super-imposed adjustment layer (which effects all visible clips underneath in a timeline).

Hope this helps.