What is the fast-casting speed roll (p. 83) for?
You do not need to roll initiative to fast-cast a spell. You can fast-cast at any time, usually in response to something bad happening like getting attacked or having a spell cast at you. You can do this even at the start of battle before your first turn has come up yet. If you fast-cast, that’s basically a free action and it does not stop you taking another action, even casting another spell, that combat round. However, while you can attempt a fast-cast spell at any time, you aren’t always fast enough to actually defend against the attack. That’s what the fast-casting speed roll is for: to determine if you fast-cast the spell in time for it to do any good. As noted on p. 83, if you fail the speed roll, you can choose to abort the spell, which is probably a good idea because there is no point in risking fatigue loss or a botch if it’s too late for your spell to protect you.