Sharepoint IRM

I am trying to implement IRM on a sharepoint online site. I have enabled unified labelling on the azure portal as we have previously used the classic client. i have enabled Use the IRM service specified in your configuration, then Refresh your settings in the sharepoint admin portal about a week ago. However i am not able to view Information Rights Management under the permissions section as outlined by a few tech articles from Microsoft and other blogs.

I have the relevant P1 ( Office 365) licenses assigned to my account. Also the library tab is missing on sharepoint online. Will be helpful if i can get this going and apply the RMS for this site.