Preparing to make $20M in cost cuts - any advice?

I am part of a committee that has been asked to find ways to reduce annual costs by US$20M (from ~US$700M to ~US$680M).  The rumor of the committees existence is out, so our CEO has promised no RIFs. 

The committee has 19 members.  Almost everyone on the committee is closer to the top of the heirarchy than me.  We have 11 executive leaders - 4 of them are on the committee.  My executive (my boss's boss) is not on the committee, nor is anyone else that works for him.  It is a great opportunity for me to work with leaders I haven't worked with in the past.  We have been told to keep everything confidential. 

I'm worried about the confidentiality as it relates to my boss and his boss.

I'm also worried about my ability to deliver on any initiatives that impact my executive's division, but are outside my department.  

Any advice?  See any traps?