Any company that has more than a couple iPad's is using a Mobile Device Manger to control, update, inventory, recover, wipe, and potentially monitor their devices. I've used one of the more popular ones and it's just a check box to enable location tracking. It can also remote in and see your screen or take screenshots but I haven't used that feature. In almost real time, it records any unlock attempts (successful or not), which apps are installed, etc. If they are forcing all traffic through their own VPN, they can potentially lookup any site you visit. I wouldn't use it at all for any personal matter, just treat it like a tool for work.
I don't get it, but so many people think as soon as their employer gives them a computer without cords, they think it's their own personal toy.