There is much more than just remote wiping and a few other policies such as a minimum length of the device passcode and as a means to protect data that belongs to the company. Here are a few other capabilities:
Enable / Disable - SMS Txt messaging / iMessaging
Enable / Disable - Camera
Enable / Disable - Bluetooth / IrDA, WiFi
Enable / Disable - Non-Exchange mail accounts
Enable / Disable - Web browser access
Remote Wipe - mentioned by OP
Remote Lock
Remote Passcode Change
Enable / Disable - Siri
This list is not correct. For example, disabling texting/messaging or Bluetooth/Wifi via Activesync is not supported by iOS. Here's the actual list according to Apple:
Supported Exchange ActiveSync
security policies
• Remote wipe
• Enforce password on device
• Minimum password length
• Maximum failed password attempts
(before local wipe)
• Require both numbers and letters
• Inactivity time in minutes (1 to 60 minutes)
Additional Exchange ActiveSync policies
(for Exchange 2007 and 2010 only)
• Allow or prohibit simple password
• Password expiration
• Password history
• Policy refresh interval
• Minimum number of complex characters
in password
• Require manual syncing while roaming
• Allow camera
• Allow web browsing
Source:
https://www.apple.com/cn/ipad/business/docs/iOS_6_EAS_Sep12.pdf
Now, a good Mobile Device Management (MDM) system would allow the company to protect their data while also securing your privacy. Using a good MDM system they can only wipe their data from your device, leaving all of your data save and secure.
MDM policies are far more powerful (and thus intrusive) than Activesync policies. I would never allow my employer to manage my personal phone using MDM.
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These are features of the exchange server.
They are there to keep company data safe. I have the same features on my server at work. I would suggest using the Outlook App, it is free, then the company cannot wipe your phone as the data is only contained in the app. This is what I advise my users to do when they are using their personal phones.
I'd strongly advise to check with the IT department first. Many companies prohibit the use of this app because it exposes your access credentials and all emails to Microsoft.