Setting Color Management Policies in Photoshop Part 2

Here are the three policy options:
-->Off: This option turns color management off for any new files you create, import, or open. However, if the opened or imported file’s color profile matches your current working space, the profile is preserved.

-->Preserve Embedded Profiles: This option displays the files in their original embedded color space. No color conversion occurs. Untagged files remain untagged but use the current working space for display.

-->Convert to Working RGB (or CMYK or Grayscale, depending on your image mode):
This option converts any files with missing or mismatched embedded profiles to your working RGB space. Untagged files remain untagged but use the current working space for display.

The next decision you have to make is whether you want Photoshop to automatically invoke your default management policies or you want to be able to evaluate them on a file-by-file basis. If you do not select the Ask When Opening option for Profile Mismatches and Missing Profiles, Photoshop displays the Embedded Profile Mismatch alert message, describing what default policy will occur. You can then select the Don’t Show Again check box, and from that point forward, Photoshop executes the policy without displaying an alert. For files with missing profiles, Photoshop simply invokes the default policy without an alert.

If you select the Ask When Opening option for Profile Mismatches, Photoshop not only displays an Embedded Profile Mismatch alert, but also provides you with options for handling the color of that file, thereby overriding the default policy.