A​ TSMS ​is a robust and very costly paper or electronic safety management system that  needs to be developed by your company AND approved by a Third Party Organization.  Vessels choosing the U.S. Coast Guard option ​ are NOT required to operate under a  costly TSMS and Third Party Organization in order to verify compliance. ​ Owners and  operators choosing the ​U.S. Coast Guard Option can simply use their TVR and/or other  electronic record keeping systems to document compliance directly with the U.S. Coast  Guard.