System Configuration : I/O Setup : I/O Setup Pages : H/W Insert Delay (Compensation) Page

H/W Insert Delay (Compensation) Page
To compensate for the delay (latency) of any external hardware devices (such as an effects unit) used in your session, you can set the amount of Hardware Insert Delay Compensation (in milliseconds) for each external device. These times will be used by the Delay Compensation Engine to time-align input paths when the hardware insert is in use and Delay Compensation is enabled.