Latency is based upon the audio settings, specifically the Device Block Size.
Go into Settings/Audio Setup and choose the lowest Block Size your system can handle without affecting the audio quality.
There are other techniques, but you'll want to start with this.
Also, your approach to low latency monitoring also depends on if you are tracking Virtual Instruments or plain Audio.
There are some good instructions on how to use low-latency that I found when doing a Google search.