jitoSOL is built on the stake pool program developed by Solana Labs. The program has been supporting numerous implementations since the network launched and three firms have completed audits (reports).
Liquid staking non-custodial so Jito does not have access to funds deposited in jitoSOL. Even if Jito were to disappear, holders could still withdraw their SOL from validators along with accumulated rewards.
Jito does have control over validator selection and fees. Jito manages this risk by using a multi-sig operation with over 5 members of the founding team. The majority of the team needs to agree for any changes to take place. Jito will work to diversify the members over time to include other respected constituents from Solana.