The Color Balance Effect allows you to manipulate additive/subtractive color tinting through independent control of RGB channels.
Above: Color balance effect used to correct the color cast.
Below: Original rendering has a yellow cast.
The Color Balance Parameters rollout contains the following parameters:
Adjusts the red channel.
Adjusts the green channel.
Adjusts the blue channel.
When on, retains the luminosity of the image while correcting the color.
When on, allows you to image correct a model without affecting the background.