Conforming for Color Correction

This may have already been covered, but I was wondering if the BMCC work flow is similar to the Red, ie,
shoot raw, transcode selects for editoria, edit, conform cut with XML or AAF to color the edit from the original Raw files? Thanks!

Pretty much.

Most will use Resolve to create first light proxies for editing then send the XML of the edit back to resolve for the final grade of the original RAW files.

Some are/will use other workflows but the principle is the same.