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Paging rflor - company BYOD policy further explained by OCND

We had a rollout meeting for managers to discuss specifics. Here's what was said:

1. The policy is called Mobile Access Management (MAM).
2. Company data will not be accessible by O365 login over the web, nor will it be accessible by either iOS or Android native apps like mail, calendar, etc.
3. Access will only be granted through apps such as Outlook, Skype for Business, etc., which will require a secondary password to open.
4. Those apps will only be available through the company MAM security app, which will be required to be installed on personal phones should access be desired.
5. Supposedly, personal data will not be visible to the company
6. There will be no ability to wipe a phone, etc.
7. There will be no reimbursement of employee cell costs.

I guess it's not as bad as I envisioned or was told, based on previous iterations of the plan. My two issues are: is personal data really invisible, and through those apps, can location be tracked? I don't fuck around on company time or anything like that, but I'm also not into having my exact whereabouts known. Thoughts?