Over and above the policy that a Corporation has over your phone (personal or otherwise) when you access their stuff, nobody talks about the potential liability that can open up to your personal device during an e-discovery process.
You could potentially have to hand your personal device over to lawyers where they can then put your personal device through an e-discovery process should your employer be sued .
People need to really think hard before they relinquish that kind of control of a device that you own.