Raw Conversion
The process of turning a camera's raw sensor data into a viewable image by applying demosaicing, white balance, colour profile and tone rendering.
In depth
A raw file is not an image but a set of measurements, so conversion is an act of interpretation — and different converters interpret the same file differently, particularly in demosaicing detail and default colour. Because none of the decisions are baked in, they can be revisited indefinitely without any loss of quality.
Examples in practice
The same raw file opened in two converters shows different colour and fine detail before a single slider is touched.