PM will check whether conditions allow (speed checked), and then perform the requested action.
Use of the term "Speed Checked" is often used by the PNF when directed by the PF to select various flap settings. Seems a superfluous thing to say each time a new flap setting is called for. After all you don't say "Speed checked" when the landing gear is selected up or down. While it is normal airmanship for the PNF to check the speed but why state the obvious? And the PF doesn't say "Flap 5 Speed checked" etc every time he asks for another flap.