Having a good colourimeter or photospectrometer to calibrate and profile your screen is essential to good colour management.
The specific standards and settings used will vary depending on the nature of the job and whether the images are destined for screen, exhibition print or repro.
At Copyrightimage I have calibrated and profiled my screen to multiple targets using Eizo ColorNavigator software. This allows me to quickly switch the monitor profile to match the nature of the job in hand and allows me a better colour and tone preview of the image as it will be used.
Click to see my different monitor profile targets: