I would think if it's your own Ipad (so it's BYOD - Bring Your Own Device) if a remote wipe is initiated it should only wipe the company apps and data, leaving your stuff alone. There's two levels of wipe, enterprise and full. Your IT guys should be able to tell you what their policy is on that. If it's a company supplied device they would generally wipe the lot in the case of a loss/theft. I wouldn't have an issue either way as long as the policies are clear.
Although it's supposed to be possible to track devices using such things in practice it doesn't work very well, as you need all the location stuff turned on. Mine only gives it to the town as it's based on the Internet connection (no GPS etc enabled).
Apple is better at separating personal and business stuff on a device. This reddit thread is worth a read too...
https://m.reddit.com/r/sysadmin/comm...hone_what_can/