Audio latency during a recording session

Does anyone know how to eliminate audio latency that one hears on headphone during a recording session? Just to make sure you understand what I'm asking here is bit of elaboration:

• I'm using the Adobe Premiere Elements for video and audio production.
• I'm also using the Focusrite 2i2, 3rd generation audio interface device.
• During a recording session (e.g., using Narration under Tools) I'd like to hear what I'm recording and how I'm recording. However, when I listen via headphone [while recording] there is momentary delay or latency between when I say something and when I hear it. It's very distracting.I'd like to know if anyone has cracked the code on this and if you could share it?!

Your feedback would be appreiciated.