The former Eagles striker, who was assistant to previous boss George Burley, was this week handed a two-and-a-half year contract after Palace's number-one target Eddie Howe opted to stay at Bournemouth.
"I didn't expect it so soon, I've been building up coaching but you can never choose the timing," admitted the 36-year-old.
"It's a huge challenge, there's no doubt about that, but I feel I can take the club forward and up the league. I like that responsibility, it doesn't faze me at all and I will work as hard and honestly as I can for this club."
Palace head to Swansea on Saturday, after which Freedman will look to strengthen his squad before the transfer window closes at the end of the month.
"My priorities are three points on Saturday, points on the board are the most crucial thing. Then it's about adding some strength in depth and the right players," he added.